Gold prices dip, trade at $1,786 an ounce

Staff Report/Dubai
Filed on July 5, 2021
KT file photo

Dubai precious metal prices remain unchanged on Monday morning.

Gold prices were slightly down at the opening of the market on Monday morning after hitting a two-week high in the previous session, weighed down by a slight uptick in the dollar.

Spot gold was down 0.01 per cent to $1,786.79 per ounce by 9.15am UAE time.

In the UAE, gold prices were unchanged from its last close on Friday. The Dubai Gold and Jewellery Group data showed 24K trading at Dh216.5 per gram, 22K at Dh203.25, 21K at Dh194.0 and 18K at Dh166.25.

Investors were awaiting more US economic data for clues on the Federal Reserve’s monetary policy plans.

The dollar ticked up 0.1 per cent against its rivals, making gold expensive for holders of other currencies.

Naeem Aslam,Chief Market Analyst at AVA Trade, has said that the precious metal prices will not see any significant downside movement prices during this week.

Moreover, gold in India last week was being sold at a premium for the first time in more than two months as demand gained traction after curbs to combat the second wave of the coronavirus was slightly relaxed.

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