Dubai: Gold prices drop, 24K trades at Dh219.25


Dubai - Traders eye monthly US jobs data to gauge health of the American labour market

By Staff Report

Published: Mon 2 Aug 2021, 9:44 AM

Gold prices edged lower on Monday morning as the dollar held steady, with traders eyeing monthly US jobs data to gauge the health of the American labour market.

Spot gold fell 0.11 per cent to $1,811.7 per ounce by 9.30am UAE time. Prices retreated from a two-week peak on Friday after the dollar recovered.

In the UAE, 24K price fell Dh0.50 per gram to open at Dh219.25 on Monday morning while 22K, 21K and 18K were trading at Dh206.0, Dh196.5, and Dh168.5 per gram, respectively.

The US Federal Reserve should start reducing its $120 billion in monthly bond purchases this fall and cut them “fairly rapidly” so the programme ends in the first months of 2022 and paves the way for an interest rate increase that year if needed, St. Louis Fed president James Bullard said on Friday.

Bullard’s comments came after Fed chairman Jerome Powell’s reassurance that a rate hike was not on the cards for the time being.

In India, physical gold demand was subdued last week as rising prices discouraged retail purchases, while top consumer China saw some safety buying, though jewellery sales were dull.

More news from