By Nihan Ashraf 17/01/2023
UAE: Gold Prices In Dubai Are Falling
The value of the dollar increased higher on Tuesday, which led to a little decrease in the price of gold.
However, hopes that the Federal Reserve will raise interest rates more slowly kept gold prices from going down even more.
Gold prices started the day lower in the UAE, mirroring the general trend seen in markets throughout the world.
The starting price of the markets on Tuesday was Dh231.5 per gram for the 24K gold that was being traded.
While 22K opened lower at Dh214.25 per gram, 21K and 18K all opened lower at Dh207.5 and Dh177.75 per gram, respectively.
"Gold has been doing well because people think the Fed will slow down its rate hikes. "Ajay Kedia, the director of Kedia Commodities in Mumbai, India, said this.
"We're seeing a technical pullback right now because prices went into the "overbought" zone. Also, the dollar is getting a little stronger " he added.
Market analysts expect gold to reach a record high of over $2,000 per ounce this year despite the Federal Reserve delaying or ending rate rises.
This forecast is made in spite of the fact that the Fed will eventually cease its attempts to raise interest rates.