Dubai: Gold prices fell at the opening of the markets on Wednesday after hitting a week-high on Tuesday. According to Dubai Jewellery Group data, the 24K variant of the yellow metal was trading at Dh233.75 per gram at 9 am local time on Wednesday as against last night’s close of Dh234.5 per gram, while 22K, 21K and 18K opened at Dh216.5, Dh209.5 and Dh179.5 per gram, respectively.
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Globally, spot gold eased 0.05 per cent to $1,930.46 per ounce by 9.25 am UAE time Investors and traders were waiting for the US Federal Reserve’s policy decision for an updated outlook on the economy and monetary tightening path. Vijay Valecha, chief investment officer, Century Financial, said Gold traded above the $1,930 level ahead of the highly anticipated Federal Reserve meeting on Wednesday, and while it is widely expected to maintain interest rates at their current level, all eyes were on its stance regarding inflation and future policy directions.
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