ALBAWABA — Gold prices maintained their upward mobility momentum on Friday, trading near session highs as United States consumer prices cooled in December in line with expectations.
On the international market, spot gold was up 0.64 percent at $1,910.80 a troy ounce, at 12:46pm United Arab Emirates time.
The precious metal prices rose modestly in the U.A.E. in line with global rates on Friday morning.
The Dubai Jewelry Group data showed 24K gold price opening at Dh229.75 per gram as compared to last night’s close of Dh227.25 per gram.
Similarly, 22K, 21K and 18K also opened higher at Dh212.75, Dh205.75 and Dh176.5 per gram, respectively.
On Thursday, the U.S. Labor Department said its Consumer Price Index fell 0.1 percent last month after a 0.1 percent rise in November.
Analysts expect to see a "buy the rumor, sell the news" move in gold as investors start to price in weaker-than-expected inflation readings.
