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UAE: Gold prices fall below $2,000, drop Dh2 per gram in Dubai

Spot gold was down 0.65% at $1,992.43 per ounce

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by

Waheed Abbas

Published: Mon 10 Apr 2023, 9:40 AM

Global gold prices fell about one per cent to slip below $2,000 on Monday morning after US employment data pointed to a tight labour market and raised expectations of another rate hike by the Federal Reserve in May.

Spot gold was down 0.65 per cent at $1,992.43 per ounce as of 9.20 am UAE time. The precious metal prices fell two dirhams per gram in the UAE on Monday morning.

According to Dubai Jewellery Group data, the 24K gold price opened at Dh241.25 per gram on Monday as compared to its previous close of Dh243.25. While 22K, 21K and 18K were trading at Dh223.5, Dh216.25 and Dh185.25 per gram, respectively.

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Gold slid due to "profit-booking on expectations of Fed rate hikes followed by Friday's strong US job growth report and a steady dollar," Hareesh V, head of commodity research at Geojit Financial Services, said while noting a technical correction in prices.

The dollar index was 0.1 per cent higher, making bullion expensive for overseas buyers.

Friday's data from the US Labor Department showed non-farm payrolls increased by 236,000 jobs in March, versus expectations of 239,000. The data also showed the unemployment rate dipped to 3.5% from 3.6% in the prior month.

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Waheed Abbas

Published: Mon 10 Apr 2023, 9:40 AM

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