ALBAWABA — Gold prices crept higher on Thursday, as traders await key United States inflation data due out later today to gauge the Federal Reserve's position on rate hikes.
On the international market, spot gold was up 0.46 percent at $1,887.60 a troy ounce, at 9:30am U.A.E. time.
The precious metal prices rose discreetly in the United Arab Emirates in line with global rates on Thursday morning.
The Dubai Jewelry Group data showed 24K gold price opening at Dh228.25 per gram as compared to last night’s close of Dh227.25 per gram.
Similarly, 22K, 21K and 18K also opened higher at Dh211.5, Dh204.50 and Dh175.25 per gram, respectively.
Gold prices have started 2023 in good shape, extending a rally from the last two months of 2022, Emirates NBD Research’s senior director Edward Bell told U.A.E. media on Wednesday.
The broad financial markets expect the U.S. Federal Reserve will need to pull back on aggressive monetary tightening will help support the gold market, allowing gold prices to sustain at higher levels, Bell added.
