Dubai: Gold drops slightly ahead of US inflation data

Gold prices fell on Monday morning due to persisting concerns around Covid-19.

Spot gold fell dropped 0.3 per cent to $1,801.03 per ounce by 9.20 am UAE time. In the UAE, Dubai Gold and Jewellery Group data showed 24K price dropping from Dh219 per gram to Dh218.5 at the market's opening on Monday.

Among other variants of the precious metal, 22K was trading at Dh205.25, 21K at Dh195.75 and 18K at Dh167.75 per gram.

Investors were waiting for the US inflation data due this week, as well as Federal Reserve Chair Jerome Powell's testimony to get cues on policy tightening by the central bank.

Moreover, physical gold demand in India and other major hubs weakened last week as consumers were put off by a rise in the yellow metal's price, while premiums for bullion also retreated.