In the early trade this Monday, gold prices in the UAE stood firm. According to data from the Dubai Jewellery Group, the 24K gold was trading at Dh233.0 per gram at 9 am. Meanwhile, the 22K, 21K, and 18K gold opened the week at Dh215.75, Dh208.75, and Dh179.0 per gram, respectively. On the global front, spot gold remained largely unchanged at $1,923.22 per ounce by 9.11 am UAE time.
Investors are closely eyeing the upcoming US consumer inflation report, set to be released later this week, as it will play a pivotal role in determining the Federal Reserve’s stance on interest rate hikes. Analyst Zain Vawda from dailyFX noted that the precious metal’s prices had a rollercoaster week, starting strong, experiencing a mid-week dip, and finally recovering to end the week with slight gains. Vawda also mentioned that the US Durable Goods Orders report, despite not being a leading indicator, could raise concerns about the US economy if it follows the recent 5.2 percent contraction. This could potentially dampen expectations of a ‘soft landing’ and put pressure on the US dollar, giving gold additional momentum to rise.
