Abu Dhabi: The gold prices at the opening of the markets in the United Arab Emirates (UAE) on Thursday morning, June 20, rose by Dirham 1.75 (Rs 39.25) per gram.
The Dubai Jewellery Group data showed a 24-carat gold rate trading at Dirham 283.50 (Rs 6,455.53) per gram in the morning of the markets on Thursday as compared to its Wednesday night, June 19, closing at Dirhams 281.75 (Rs 6,415.68) per gram.
22, 21, and 18-carat gold were priced at Dirham 262.50 (Rs 5,977.86) per gram, Dirham 254.00 (Rs 5,784.29), Dirham 217.75 (Rs 4,958.77) respectively, at 9:15 am UAE time.
Globally, gold traded at 2,340.74 dollar per ounce, up 0.48 percent, reaching a one-week high due to investors’ anticipation of the US Federal Reserve cut.
“Gold remains primarily driven by market expectations surrounding the Fed’s policy pivot. It may well remain rangebound for a while, until US economic data can pave the way for lower interest rates and trigger the next leg up for gold,” Han Tan, chief market analyst at Exinity Group, said, Reuters reported.
