Gold prices inch lower in Dubai

Gold prices inched lower on Tuesday, as a firmer dollar and expectations of more rate hikes from the US Federal Reserve dented the non-yielding bullion’s appeal.

In the UAE, the 24K gold price fell slightly to Dh216.75 per gram at the opening of the market as compared to last night’s close of Dh217.0 per gram. 22K, 21K and 18K opened at Dh200.75, Dh194.25 and Dh166.5 per gram, respectively.

Fed Chair Jerome Powell said last week the central bank will deliver more interest rate hikes next year to curb inflation. Other major central banks have also highlighted the same.

Naeem Aslam, chief market analyst at AVA Trade, said gold prices are mostly consolidating now as traders are unsure about the future direction of the dollar index.