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Dubai: Gold prices fall; 24K slips to Dh229.25

Dubai - Spot gold was down 0.2 per cent at $1,886.76 per ounce as of 0308 GMT.

Gold prices were trading $1,886.51 an ounce on Monday morning, dropping by 3.25 per cent from Sunday’s close.

Spot gold was down 0.2 per cent at $1,886.76 per ounce as of 0308 GMT, after rising more than 1 per cent in the previous session, as US May non-farm payrolls fell short of expectations.

In the UAE, Dubai Gold and Jewellery Group data showed 24K trading at Dh229.25 per gram, 22K at Dh215.25, 21K at Dh205.5 and 18K at Dh176 at the opening of the trade on Monday.

US gold futures eased 0.1per cent to $1,889.60 per ounce.

“We are seeing some long covering in Asia today, with risk hedges being unwound after an uneventful news weekend, helped by a slightly stronger US dollar and with Bitcoin rallying,” said Jeffrey Halley, OANDA senior market analyst.

“Although gold has corrected in recent sessions, the bullish fundamentals remain in place. Only a sharp steepening of the US yield curve is likely to change that.”