In accordance with the rise in worldwide rates, gold prices in the UAE increased by approximately two dirhams per gram on Thursday morning.
At the start of the market in the UAE, the 24K price was Dh227.0 per gram, up Dh1.75 per gram.
At 9.25 a.m. UAE time, gold prices had risen 0.24 percent to $1,874.35 per ounce.
Gold is still well supported, according to Craig Erlam, senior market analyst at Oanda, as US inflation continues to outperform projections.
Another above-consensus report from the United Kingdom this morning indicates that the trend is not improving as we approach the top in the coming months.
“Gold has been range-bound between $1,845 and $1,880, and should remain there until either geopolitical tensions have eased a little, or the US Federal Reserve commits to show that they are still looking to remove liquidity and raise interest rates faster,” according to Brian Lan, managing director of dealer GoldSilver Central.
According to Lan “Even if they boost interest rates, actual interest rates should still be minimal,” as he cautioned. Adding that gold is still a good asset to own in this climate, as a result, investors will realize that their initial lower extremity response to a rise was incorrect.