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UAE: Gold prices drop in Dubai on first trading day of the week
Spot gold fell 0.30 per cent to $1,938.15 an ounce at 9.25am UAE time
Gold prices fell half a dirham per gram at the opening of the markets in UAE on the first trading day of the week in line with global drop in prices ahead of the US inflation data.
The Dubai Jewellery Group data showed 24K trading at Dh234.75 per gram as compared to last week’s close of Dh235.25 per gram. While 22K, 21K and 18K also opened lower at Dh217.25, Dh210.5 and Dh180.25 per gram, respectively, at 9am UAE time.
Spot gold fell 0.30 per cent to $1,938.15 an ounce at 9.25am UAE time.
Gold and silver ended the past week lower, despite a modest rebound on Friday in the wake of softer-than-expected US labour market data.
[Editor's Note: For real-time gold rates, click widget below or visit KT's dedicated Trading News page here.]
“In the grand scheme of things, prices have remained subdued since late July, when both assets ended a nascent recovery and began to retreat following a furious rally in the US dollar and real rates, two key headwinds for precious metals,” said Diego Colman, contributing strategist, dailyFX.
Looking ahead to potential volatility catalysts in the coming week, Colman said the latest inflation report, scheduled for release on Thursday, will likely be the most impactful event for markets.
“This assessment is based on the premise that the new batch of CPI numbers could be key in guiding the Fed’s next steps, thus setting the near-term trading bias for assets sensitive to the outlook for monetary policy,” he added.
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