At the commencement of trading in the United Arab Emirates (UAE) markets on Thursday, May 2nd, gold prices experienced an upward movement, increasing by Dirham 2 (equivalent to Rs 45.45) per gram.
According to data from the Dubai Jewellery Group, the rate of 24-carat gold stood at Dirham 280.75 (equivalent to Rs 6,380.11) per gram during the early trading hours on Thursday, in contrast to its closing rate on Wednesday night, May 1st, which was Dirham 278.75 (equivalent to Rs 6,334.86) per gram.
At 9:15 am UAE time, the rates for 22, 21, and 18-carat gold were recorded at Dirham 260.0 (equivalent to Rs 5,908.73) per gram, Dirham 251.75 (equivalent to Rs 5,721.24) per gram, and Dirham 215.75 (equivalent to Rs 4,903.14) per gram respectively.
Internationally, spot gold was observed trading at Dollars 2,315.53 (equivalent to Rs 1,93,273.47) per ounce as of 9:17 am UAE time.
In the latest policy meeting, held on Wednesday, the Federal Reserve opted to maintain interest rates at a steady level. Fed Chair Jerome Powell conveyed that future adjustments to rates would be contingent upon data, expressing skepticism towards any imminent increase, as reported by the Associated Press.
Powell’s affirmation regarding the unlikelihood of further rate hikes provided reassurance.
