Dubai: Gold prices drop further, losing nearly Dh7 per gram this week
Gold prices dropped Dh2 per gram further at the opening of the markets in Dubai on Thursday.
At 9am UAE time on Thursday, 24K was trading at Dh406.75 per gram, down from Dh408.75 per gram at the close of the markets on Wednesday. It has lost nearly Dh7 per gram this week. Recommended For You
Among the other variants, 22K, 21K and 18K slipped to Dh376.5, Dh361 and Dh309.5 per gram, respectively.
Spot gold was trading at $3,356.96 per ounce, down nearly one per cent after the US Federal Reserve expected a slower pace of future interest rate cuts.
'The dot plot still shows two rate cuts this year — but that median projection doesn't tell the full story. There's now a growing divide within the Fed: while eight members expect rates to fall by 50bp (matching two cuts), seven see no change — up from just four at the previous meeting. Two members anticipate one cut. That's now almost a 50-50 split between no cuts and a 50bp reduction,' said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
'The market reaction to the Fed decision wasn't exactly cheery. The S&P 500 fell after the decision, though the US two-year yield eased. Meanwhile, Fed funds futures show a slightly higher probability of a September cut than before the meeting. Investors seem inclined to see the glass half full — hoping for two cuts — rather than half empty, with none,' he said.
The US dollar was in doji mode yesterday but is stronger this morning, perhaps supported by a relatively cautious Fed tone and some flight to safety. 'There are rumours the US could become directly involved in Middle East tensions as soon as this weekend. That alone could attract defensive flows into the dollar ahead of a potentially critical weekend – regardless of Fed policy,' added Swissquote Bank's senior analyst.
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