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UAE: Gold prices drop in early trade on first trading day of week
The precious metal was supported by the subdued US inflation data
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Gold prices fell in Dubai on the first trading day of the week by half a dirham per gram, the Dubai Jewellery Group data showed.
In the UAE, the 24K variant of the yellow metal was trading at Dh281.25 per gram on Monday morning compared to last week’s close of Dh281.75 per gram. Similarly, the other variants were also trading lower in early trade. At 9am UAE time, 22K, 21K and 18K were trading at Dh260.5, Dh252.25 and Dh216.25 per gram, respectively.
Globally, the precious metal was trading at $2,319.8 per ounce, down 0.22 per cent.
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The precious metal was supported by the subdued US inflation data, bolstering hopes that the US Federal Reserve will start cutting rates later this year.
Released on Friday, the US core PCE slowed as expected in May as personal spending fell short of expectations. Combined with Thursday’s soft GDP number, last week’s US data was supportive of the Federal Reserve (Fed) doves.
“The latest US inflation data remain fresh on investors' mind, with the data coming in line with consensus, and generally did little to sway current market rate expectations for the Fed's easing process to kick-start in September,” said Yeap Jun Rong, market strategist at IG.
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