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Monday, December 4, 2023

UAE Gold price hike in New year’s eve

The continuous price hike was supported by a pullback in the dollar.

Gold prices edged higher on Wednesday morning, supported by a pullback in the dollar. Although caution prevailed as investors awaited minutes from the Federal Reserve’s December policy meeting that could offer hints on the US central bank’s tightening path, the news agencies said.

Spot gold was up 0.51 per cent at $1,846.44 per ounce as of 9.15 am UAE time.In the UAE, 24K gold price rose Dh0.75 per gram to trade at Dh223.75 per gram at the opening of the markets on Wednesday.

Meanwhile, 22K, 21K and 18K were trading at Dh207.25, Dh200.5 and Dh172.0 per gram, respectively.

The dollar index slipped 0.2 per cent, after scaling a two-week high on Tuesday. A weaker dollar makes bullion cheaper for othercurrency holders.Minutes from the Fed’s December 13-14 policy meeting are due at 7pm GMT (11 pm UAE time).

The US central bank had raised rates by 50 basis points (bps) in December after four straight hikes of 75 bps each.

-Agency Inputs

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