Gold prices in the UAE rose at the opening of the markets on Wednesday, in line with the rise in the global rates.
According to Dubai Jewellery Group data, the 24K variant of the yellow metal was trading at Dh285.5 per gram on Wednesday morning while 22K, 21K and 18K were trading at Dh264.25, Dh256.0 and Dh219.25 per gram, respectively.
The prices have increased by one-and-a-half dirhams per gram in the past 24 hours.
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Spot gold was trading at $2,356.49 per ounce at 9.23 am UAE time.
George Pavel, general manager at Capex.com Middle East, said gold has seen modest movements as investors adopt a cautious stance in anticipation of critical US inflation data releases scheduled for this week.
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He added that investors are keeping an eye on the US Consumer Price Index (CPI), which is to be released on Wednesday.
“Upcoming reports are pivotal as they could provide insights into the Federal Reserve’s timing for its initial rate adjustments. Investors are particularly keen on the possibility of a rate cut in September, contingent on the inflation data. Should the inflation figures exceed expectations, the likelihood of a rate cut may diminish, potentially negatively impacting gold prices. However, demand for gold from the Asian markets, particularly China, is expected to continue to provide support to current price levels,” he said.