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Covid-19 impact: Dubai gold edges lower, follows global trends

The 22k gold quoted at Dh183.25 against the previous close of Dh185.25.

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Gold prices in Dubai edged lower on Monday as 24k quoted at Dh195 per gram against Dh197.25 against the previous close. The 22k gold quoted at Dh183.25 against the previous close of Dh185.25.
Spot gold was down 0.2 per cent to $1,614.46 per ounce by 0346 GMT after Friday's 0.7 per cent drop. US gold futures fell 0.4 per cent to $1,646.60 per ounce.
"The worse the situation gets the stronger the link between stocks and gold because if we see further economic deterioration that will drag gold down with the share markets," said Michael McCarthy, chief strategist at CMC Markets.
Asian shares slid and oil prices took another tumble as fears mounted the global shutdown for the virus could last for months.
The weekend brought more bad news on the virus front, with the global death toll reaching nearly 34,000. The United States has emerged as the latest epicentre, with more than 137,000 cases and 2,400 deaths. Palladium fell 0.7 per cent to $2,253.84 per ounce, platinum slipped 3.3 per cent to $717.07, while silver slid 3.9 per cent to $13.91
business@khaleejtimes.com, with inputs from Reuters

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