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Gold prices fell on Monday morning as the US dollar and Treasury yields firmed after strong American jobs data raised the expectation of aggressive rate hikes, offsetting support from safe-haven demand fuelled by a worsening Ukraine crisis.
Spot gold was trading at $1,919.26 per ounce by 9.15 am UAE time, down by 0.29 per cent.
In the UAE, the precious metal price fell over one dirham per gram at the opening of the market on Monday.
The Dubai Gold and Jewellery Group data showed 24K opening at Dh232.25 per gram, down from Dh233.25 per gram on Friday’s close. While the other variants of the yellow metal fell Dh1.25 per gram on the first day of the week.
The 22K opened at Dh218 per gram, 21K at Dh208.25 and 18K at Dh178.5.
Jeffrey Halley, senior market analyst at Oanda, said higher US yields and a firmer dollar continue to erode gold’s recent gains.
Halley sees a retreat below nearby support at $1,915 an ounce should signal another test of $1,900.
“The risks of a material correction lower in gold are now increasing sharply, as it failed to make any gains when both the US dollar and US yields fell at times last week. Ominously, it moved lower as soon as they both rose. Gold has resistance at $1,940 and $1,950 an ounce. Meanwhile, a sustained break of the $1,880 region will probably trigger a capitulation trade, potentially pushing gold down to $1,800 an ounce,” said Halley.
waheedabbas@khaleejtimes.com
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