Gold prices in the UAE started lower on Wednesday after reaching a week-high on Tuesday. The 24K gold variant was trading at Dh233.75 per gram at 9 am local time, compared to the previous night’s close of Dh234.5 per gram.
The prices for 22K, 21K, and 18K gold opened at Dh216.5, Dh209.5, and Dh179.5 per gram, respectively. Globally, spot gold saw a slight decrease of 0.05 percent to $1,930.46 per ounce by 9:25 am UAE time.
Investors and traders were closely watching the US Federal Reserve’s policy decision to gain insights into the economic outlook and potential monetary tightening.
Vijay Valecha, Chief Investment Officer at Century Financial, noted that gold had been trading above $1,930 ahead of the Federal Reserve meeting, and while no change in interest rates was expected, the focus was on the Fed’s stance on inflation and future policy directions.
Valecha also mentioned technical resistance and support levels for gold’s price movement.
