Gold prices were up in early trade on Tuesday after declining about one per cent in the previous session as US Federal Reserve officials signalled that interest rates would remain high to bring down inflation.
Spot gold was up 0.6 per cent at $1,753.22 per ounce, as of 9.30am UAE time.
In the UAE, the 24K gold price remained steady at Dh212.25 per gram at the opening of the markets on Tuesday. While 22K, 21K and 18K were trading slightly higher at Dh199.5, Dh190.25 and Dh163.25 per gram, respectively.
The precious metal had hit a one-week high on Monday before closing lower for the first time in five sessions.
John Williams, President of New York Federal Reserve, said on Monday the US central bank needs to press forward with rate rises, even as he reckons a rate cut is possible in 2024 as inflation pressures likely ease.
James Bullard, President of St. Louis Federal Reserve, said the Fed needs to raise interest rates quite a bit further and then hold them there throughout next year and into 2024 to gain control of inflation.
Investors now await remarks from Fed Chair Jerome Powell, who is due to speak at a Brookings Institution event on Wednesday.
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