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UAE: Gold prices inch up, but rate hike fears limit gains

Place gold was up 0.3 percent at $1,665.29 per ounce

Gold costs bordered higher on Monday early morning on a softer buck, although reserve banks globally preserved their hostile financial plans to take on rising rising cost of living, restricting gains for safe-haven bullion.

Place gold was up 0.3 percent at $1,665.29 per ounce.

In the UAE, the 24K gold rate inched up Dh0.25 per gram to Dh201.5 at the opening of the marketplaces on Monday. While 22K, 21K and also 18K opened up at Dh189.25, Dh180.75 and also Dh154.75 per gram, specifically.

The United States Federal Book policymakers have actually been undaunted in increasing rates of interest in spite of the chaos in worldwide economic markets.

Lael Brainard, Fed’s vice-chairman, on Friday, included her complete recommendation of the United States reserve bank’s higher-for-longer strategy for rates of interest to suppress rising cost of living.

Rising rates of interest lower bullion’s charm as they enhance the possibility price of holding the non-yielding property.

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