UAE: Gold prices slip Dh1 per gram in Dubai at the start of the week

Precious metal price has been steady after weak US jobs data raised hopes that Fed will not raise interest rates further, pushing dollar and bond yields lower

by

Waheed Abbas

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Photo: AFP
Photo: AFP

Published: Mon 6 Nov 2023, 9:33 AM

Gold prices fell one dirham per gram in the UAE on the first trading day of the week.

The Dubai Jewellery Group data showed 24K trading at Dh240.25 per gram at the opening of the markets on Monday as compared to last week’s close of Dh241.25 per gram. Similarly, the other variants of the precious metal also opened lower on Monday. The 22K, 21K and 18K were trading at Dh222.5, Dh215.5 and Dh184.75 per gram, respectively, at 9 am local time.

Globally, spot gold was down by 0.26 per cent at $1,983.45 per ounce by 9.15 am UAE time.

The precious metal price has been steady after the weak US jobs data raised hopes that the Federal Reserve will not raise interest rates further, pushing dollar and bond yields lower.

Warren Venketas, analyst at dailyFX, said the yellow metal exploited the weaker-than-expected US jobs report issued last week that showed a higher unemployment rate and lower wage growth.

“Although one release does not make a trend, this may be the beginning of a weaker jobs market. The Federal Reserve would welcome such data in an environment where tight monetary policy conditions have heightened recessionary and stagflation concerns of recent… Overall, gold’s attractiveness has increased considering the opportunity cost of holding gold has decreased,” said Venketas.

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