The yellow metal jumped over two per cent on Wednesday evening on geopolitical jitters, but lost steam as the US dollar strengthened, pushing it into negative territory
Gold prices were trading above Dh600 per gram on Thursday after they crossed this key milestone on Wednesday evening.
Dubai Jewellery Group data showed the 24K gold price trading at Dh600.75 per gram, up over Dh6 per gram from yesterday’s opening rate.
Among the other variants, 22K, 21K, 18K and 14K were selling at Dh556.25, Dh533.25, Dh457.0 and Dh356.5 per gram, respectively.
Spot gold was just shy of $5,000, trading at $4,995 per ounce at 9.40 am UAE time, up 0.14 per cent.
The yellow metal jumped over two per cent on Wednesday evening on geopolitical jitters, but lost steam as the US dollar strengthened, pushing it into negative territory.
The US dollar was steady, trading at a nearly one-week high, making greenback-priced bullion more expensive for other currency holders.
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Meanwhile, the US Federal Reserve’s January meeting minutes revealed that policymakers were in near-unanimous agreement to keep interest rates on hold, but remained split over their next steps, with “several” open to rate hikes if inflation remains elevated, while others were inclined to support further cuts if inflation recedes.
“Gold is in a consolidation mood, reflective of thin liquidity conditions during the Asia holiday period rather than a shift in fundamentals,” said Christopher Wong, a strategist at OCBC.
