Gold prices in the UAE have increased at the opening of the markets, in line with the global rates. According to Dubai Jewellery Group data, the 24K variant of gold was trading at Dh285.5 per gram, while 22K, 21K, and 18K were trading at Dh264.25, Dh256.0, and Dh219.25 per gram, respectively. The prices have risen by one-and-a-half dirhams per gram in the past 24 hours, reflecting the current upward trend in gold prices.
Spot gold was trading at $2,356.49 per ounce at 9.23 am UAE time. George Pavel, the general manager at Capex.com Middle East, pointed out that gold has seen modest movements as investors are cautious due to the upcoming critical US inflation data releases scheduled for the week. Investors are closely watching the US Consumer Price Index (CPI), which is set to be released on Wednesday, as it could impact the timing of the Federal Reserve’s initial rate adjustments.
The upcoming reports are crucial as they could provide insights into the possibility of a rate cut in September, dependent on the inflation data. If the inflation figures exceed expectations, the likelihood of a rate cut may diminish, potentially affecting gold prices negatively. However, there is expected to be continued demand for gold from Asian markets, especially China, which is anticipated to support current price levels.
It is essential for investors to stay updated with the latest news and developments in the gold market. Following KT on WhatsApp Channels can help individuals stay informed about any significant changes or updates in the gold prices and market trends. The market trends are constantly evolving, and having access to real-time information can help investors make informed decisions regarding their gold investments.
Gold is a precious metal that is often considered a safe-haven asset during times of economic uncertainty or market volatility. With the current global economic conditions, including the ongoing pandemic and geopolitical tensions, investors are turning to gold as a hedge against inflation and market risks. The rise in gold prices in the UAE is reflective of this increased demand for the metal as a safe investment option.
Overall, the gold market in the UAE is experiencing an upward trend in prices, driven by global factors and market dynamics. Investors are advised to monitor the latest updates and news related to gold prices to make informed decisions about their investment strategies. With the upcoming US inflation data releases and the potential impact on the Federal Reserve’s rate adjustments, it is essential for investors to stay vigilant and adapt their investment strategies accordingly to navigate the changing market conditions.
