Prices could go up again soon as the newly appointed chair of US Federal Reserve delivers his testimony
Gold jewellery prices in the UAE have inched up slightly on the back of a softer US dollar and as the market awaits the testimony of the newly appointed chair of the US Federal Reserve.
The price of 24-karat gold stood at Dh161 per gram as of 3.50pm on Tuesday, up by .25 fils from Sunday. Retail rates for 22K, 21K and 18K also rose to Dh151.50, Dh144.75 and Dh124 per gram, respectively.
Investors are anticipating the new Fed chief Jerome Powell’s testimony on the economic outlook and recent monetary policy actions before the joint economic committee.
Powell is expected to speak at 5.30pm UAE time on Tuesday. It will be his first congressional testimony as the head of the Fed.
Source: Gulf News.