Gold prices in Dubai rebounded on Thursday morning, gaining Dh4 as lower oil prices and easing expectations of a US interest rate hike supported bullion.

The 24K variant was trading at Dh503.75 per gram at the market open on Thursday, up from Dh499.75 at the close of the markets on Wednesday.

The other variants of the yellow metal, 22K, 21K, 18K and 14K, were trading higher at Dh466.5, Dh447.25, Dh383.25 and Dh299 per gram, respectively.

Globally, spot gold was trading at $4,180 per ounce, up 0.6 per cent as of 9.02am UAE time. Silver was up 1.59 per cent, trading at $61.2 per ounce.

Vijay Valecha, financial analyst and CIO of Century Financial, said gold had rebounded from a key technical support level. He added that the easing of oil prices came as crude exports from the region recovered to about 80 per cent of pre-war levels. However, persistent inflation concerns and the possibility of further interest rate hikes continue to pose risks to gold.

(Source: Khaleej Times)