Gold prices in Dubai weakened on Thursday morning, following a prolonged surge earlier this week and a two-month peak. The 24K gold price was trading at Dh529.75 per gram at the market open on Thursday, down from Dh533.25 per gram at Wednesday’s closing, a loss of Dh3.5 per gram. The remaining varieties, 22K, 21K, 18K, and 14K, were trading somewhat lower at Dh490.75, Dh470.50, Dh403.25, and Dh314.50 per gram, respectively.
According to analysts, gold prices held steady as investors anticipated confirmation of the US Federal Reserve’s rate hikes. According to the CME FedWatch Tool, investors quoted by Reuters estimate approximately a 40% chance of an interest rate hike at the Fed’s next meeting in September, down from around 54% a week earlier.
Furthermore, the attention is on confirmation from the Producer pricing Index (PPI) data, which is scheduled to be released later today and will show that pricing pressures are easing. According to Reuters, the Consumer Price Index increased by 3.4% in the year to July, down from 3.5% in June, as expected by economists.
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