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| 12 October, 2017

Dubai gold rates score highest gains in nearly two weeks after Fed minutes

A window display is seen at a jewellery store at Gold and Diamond Park, a shopping mall specialized in gold and diamond retailing, in Dubai.

A window display is seen at a jewellery store at Gold and Diamond Park, a shopping mall specialized in gold and diamond retailing, in Dubai.

REUTERS/Jumana El Heloueh
Dubai: Gold prices in Dubai surged to their highest level in nearly two weeks on early trading Thursday. The bullion posted positive gains after the US dollar hit a snag, as late Wednesday’s release of the US Federal Reserve’s minutes triggered an increase in appetite for safe-haven assets.

As of 9.59am, the price of 24K surged to Dh157 per gram, up by Dh2 from October 1. It was trading at D156 per gram a day earlier and Dh154 per gram - this month's lowest - last October 3.

Other popular jewellery pieces are also set to end the week on a bullish note, with 22K selling at Dh147.25 per gram, 21K at Dh140.75 and 18K at Dh120.50 per gram, as of 10am.

Spot gold rose 0.2 per cent at $1,294.29 an ounce by 0338 GMT, after earlier touching the highest price of $1,295.45 since September 27, according to Reuters.

“Gold prices rose slightly as the market appeared to take the fed minutes as slightly dovish," the news agency quoted ANZ analysts."In particular, it was the comments on persistently low inflation that seemed to gain much attention. This saw the US dollar weaken slightly, increasing investor appetite for the precious metal."

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