Dubai gold prices rise after Fed rate hike, but pare gains soon
Dubai: Gold prices in the UAE have risen on September 17, in cue with global bullion prices which rose as much as 1.3 per cent to nearly $4,320 an ounce, before paring gains. 24-karat gold is trading at Dh515.75 versus the previous day's close at Dh512, whereas 22-karat trades at Dh477.50 per gram on Thursday. Bullion prices cooled off post the initial rise to settle below $4300/oz, trading at…
Dubai witnessed a surge in gold prices on September 17, mirroring a 1.3% increase in global bullion prices that reached nearly $4,320 per ounce. However, the gains were short-lived as prices cooled off and settled below $4300 per ounce by the time of publication. The Federal Reserve's more aggressive rate hike signal than anticipated and concerns about additional hikes in the future contributed to the pullback in treasury yields after their highest level since 2024.
As a result, gold prices faced some pressure, with 24-karat gold trading at Dh515.75 and 22-karat at Dh477.50 per gram. Market analysts suggest that gold's near-term outlook may involve consolidation with a slight downside bias, requiring factors such as cooling treasury yields and reduced expectations for further rate increases to support a sustained recovery.
Written by urgent.news from Gulf News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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