Gold prices were slightly up on Monday morning as market participants gauged the global economic policy outlook, with inflationary hedge demand countering hawkish comments from US Federal Reserve officials that kept the dollar and Treasury yields supported.

Spot gold was trading at $1,819.23 per ounce at 9.05am UAE time.

In the UAE, the precious metal inched up on Monday morning with 24K trading at Dh220.5 per gram, up Dh0.25 from its previous close.

Among the other variants of the precious metals, 22K opened at Dh207.0 per gram, 21K at Dh197.5 and 18K at Dh169.25.

"Gold has been locked in a sideways consolidation for a while now, the market is still undecided on where it's going," OCBC Bank economist Howie Lee said, adding that "there's still some lingering demand as an inflation hedge."

Traders are now awaiting speeches from Fed officials this week ahead of the January 25-26 policy meeting, but there have been more than enough hawkish comments to see the market almost fully price in a first interest rate hike for March and rates of 1.0 per cent by the year-end.


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