Gold stays above $1,900 an ounce; 24K hits Dh230.75 in Dubai

Staff report/Dubai
Filed on June 3, 2021

Commodity investors waiting for US jobless claims data and non-farm payroll numbers for the further direction

Gold prices were trading above $1,900 (Dh6,978) an ounce on Thursday morning, dropping by 0.2 per cent from Wednesday’s close. But the price was trading higher as compared to Wednesday morning.

Spot gold was down $4.0 an ounce at $1,903.75 per ounce at 9.15am UAE time.

In the UAE, Dubai Gold and Jewellery Group data showed 24K trading at Dh230.75 per gram, 22K at Dh216.75, 21K at Dh206.75 and 18K at Dh177.25 at the opening of the trade on Thursday.

The precious metal had eased on Wednesday morning with 24K gold retail price falling below Dh230 per gram in Dubai.

Commodity investors are waiting for the US jobless claims data on Thursday and non-farm payroll numbers on Friday for the further direction.

“We need to get a sense from the payrolls report on what is the immediate steer on US Fed policy,” said Ilya Spivak, currency strategist at DailyFX.

"Yields have eased back a bit since the start of the week. But the dollar is range-bound, it hasn't been able to build momentum and hasn't fallen off ... that has been reflected in gold," Spivak told Reuters.

The US 10-year Treasury yield slipped below 1.60 per cent, reducing the opportunity cost of holding non-interest bearing gold.

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