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Gold Prices Surge by Dh2 per Gram After Fed Maintains Rates

Gold prices in the UAE saw a Dh2 per gram increase on Thursday morning following the US Federal Reserve's decision to maintain interest rates. The 24K variant of gold was trading at Dh280.75 per gram, up from the previous night's close of Dh278.75 per gram. Similarly, other variants including 22K, 21K, and 18K were also trading higher at Dh260.0, Dh251.75, and Dh215.75 per gram, respectively.

Spot gold prices stood at $2,315.53 per ounce at 9:17 am UAE time, showing a slight decrease of 0.37 percent. Prices had briefly fallen below $2,300 per ounce on Wednesday evening but managed to recover later in the day.

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Mahmoud Alkudsi, senior market analyst at ADSS, noted that the Fed's decision reflected their cautious approach towards managing inflation. Despite inflation levels veering away from the 2 percent target in March, the Fed intends to maintain higher interest rates until signs of inflation control become more evident. The prospect of a rate hike this year has gained traction amidst disappointment over recent inflation data, marking a departure from earlier expectations of potential rate cuts.

AlKudsi highlighted that prevailing market sentiment suggests the Fed may consider rate cuts towards the end of Q3, although uncertainties persist. Meanwhile, the US dollar stabilized as gold prices relinquished some of their gains for the month.

May 2, 2024 4:59 p.m. 5031

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