Photo for illustrative purposes only.


US dollar dips, gold prices rise in early trade

Gold prices rose as the US dollar dipped on Wednesday morning. Investors mainly focused on Federal Reserve Chair Jerome Powell’s speech for insights into the US central bank’s plans for monetary policy.

As of 9:20 a.m., UAE time, spot gold was up 0.34 percent to $1,754.9 per ounce.

In line with the rest of the world, the price of precious metals went up in the UAE, with 24K trading at Dh212.5 per gram, which is half a dirham more than last night.

22K opened at Dh199.75 per gram, 21K at Dh190.5, and 18K at Dh163.25.

Powell’s speech at a Brookings Institution event will be looked at to see if it gives any new information about how the US central bank planned to raise interest rates in 2019.

Senior market analyst Craig Erlam of Oanda said that the dollar is weakening, making gold go up again.

“I expect to see plenty more volatility in the coming days given the amount of US economic data that [is] being released, including inflation, GDP, and the jobs report,” Erlam said.

“That sets us up nicely as we move into the final month of the year with only a couple of weeks to go until the hotly anticipated CPI inflation report and Fed meeting,” Erlam added. BKM/ Expat Media

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