Polls show Americans remain deeply worried about the economy and inflation
americas8 hours ago
Gold prices fell 4.4 per cent on Monday morning to a more than four-month low after strong US jobs data stoked fears that the US Federal Reserve could raise interest rates quicker than expected.
Spot gold fell 2.3 per cent to $1,722.06 per ounce on Monday morning.
In the UAE, the Dubai Gold and Jewellery Group data showed 24K price falling to Dh210.75 per gram on Monday as compared to Dh213.5 on Sunday. Meanwhile, 22K, 21K and 18K were trading at Dh198.0, Dh188.75, and Dh161.75 per gram, respectively.
Last week, data showed that US employers hired the most workers in nearly a year in July and continued to raise wages, giving the economy a powerful boost as it started the second half of what many economists believe will be the best year for growth in almost four decades.
Gold prices broke below their bull-market defining trendline for the first time since 2019, fuelling significant stop-outs and melting gold's prices, TD Securities said in a note.
waheedabbas@khaleejtimes.com
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