Dubai: Gold prices flat; 22K trades at Dh200 per gram

Dubai - Spot gold was trading at $1,755.34 per ounce, up 0.03 per cent at 9.50am UAE time.



By Staff Report

Published: Mon 11 Oct 2021, 9:53 AM

Gold prices were flat on Monday morning as the precious metal was caught between a dip in the dollar and fears that the US Federal Reserve would start paring stimulus this year despite weak jobs data.

Spot gold was trading at $1,755.34 per ounce, up 0.03 per cent at 9.50am UAE time. Prices hit a two-week peak on Friday after the US payrolls data but pared gains during the session.

Data from the US Labor Department on Friday showed nonfarm payrolls increasing by 194,000 jobs last month, way below economists' forecast of 500,000.

In the UAE, the precious metal prices remained unchanged on Monday from their previous close with 24K trading at Dh212.75 per gram, 22K at Dh200.0, 21K at Dh190.75 and Dh18K at Dh163.5.

Physical gold rates in India flipped to a discount for the first time in over two months last week as a rise in local prices curbed demand, while buying in China was expected to pick up after the Golden Week holiday.

waheedabbas@khaleejtimes.com


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