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UAE: Gold prices slip in Dubai in early trade on first trading day of the week

Spot gold was trading at $1,925.89 per ounce at 9.10am UAE time

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by

Waheed Abbas

Published: Mon 10 Jul 2023, 9:27 AM

Gold prices slipped in the UAE at the opening of the markets on Monday.

The Dubai Jewellery Group data showed 24K trading at Dh232.75 per gram on Monday morning as compared to last week’s close of Dh233.0 per gram. While 22K, 21K and 18K were trading at Dh215.5, Dh208.5 and Dh178.75 per gram, respectively.

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Spot gold was trading at $1,925.89 per ounce at 9.10am UAE time.

Bas Kooijman, CEO and Asset Manager of DHF Capital, said the release of the Federal Reserve’s minutes last week reinforced expectations of higher interest rates which could make gold less appealing in the face of higher yield risk-free assets.

“The anticipation of future rate hikes and the changing estimates regarding the peak rate could also play a role in undermining gold,” he said.

Daniel McCarthy, strategist, dailyFX, said the precious metal started the week holding onto the gains seen on Friday when the US dollar dropped.

“Of potential concern for gold bulls is the run-up in US real yields. The real yield is the nominal yield less the market-priced inflation rate derived from Treasury inflation-protected securities for the same tenor,” he said.

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Waheed Abbas

Published: Mon 10 Jul 2023, 9:27 AM

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