The story of a non-resident Bangladeshi family establishing and running the famed perfume company Al Haramain and its successful subsidiaries
Gold prices fell in Dubai on Monday morning in line with a drop in global prices after better-than-expected US economic data lifted prospects for higher inflation.
Spot gold prices fell 0.36 per cent, or $6.51 an ounce, to $1,738.12 by 9.15am UAE time.
Buy or sell? Dubai gold price could touch a high of Dh215.5 and a low of Dh204 this week
In Dubai, retail gold price fell Dh0.75 per gram on Monday morning with 24K priced at Dh210.50 per gram as compared to Dh211.25 on the previous day. Similarly, 22K, 21K, and 18K prices fell Dh0.75 to Dh197.75, Dh188.75, and Dh161.75 per gram, respectively.
The precious yellow metal's price is expected to remain under pressure due to stronger recovery in the US and global economies in the weeks ahead, despite the Covid-19 pandemic challenge.
"Stronger-than-expected data suggests that inflation (will be) picking up faster-than-expected in months to come, which is leading to a rise in real yields, exerting pressure on gold," said Margaret Yang, a strategist at DailyFX.
The US Federal Reserve Chair Jerome Powell said the American economy is at an "inflection point," with hopes that inflation and hiring will accelerate in the coming months. But there are concerns that hasty reopening could lead to a surge in Covid-19 cases.
Some investors view gold as a hedge against higher inflation, but higher Treasury yields dull some of the appeals of the non-yielding metal.
Yang said Asia pacific markets were expected to open higher, but they are trading lower on Monday morning, increasing the demand for the safe-haven asset and the dollar is winning that race, putting further pressure on gold.
-waheedabbas@khaleejtimes.com
The story of a non-resident Bangladeshi family establishing and running the famed perfume company Al Haramain and its successful subsidiaries
Matches will be played on an exclusive Saturday with no Premier League fixtures taking place on the same day
The plant to be set up in Al Bihouth area is expected to process 900,000 tonnes of waste into energy
The minor didn't take his cellphone or wallet, assuming he'd return quickly
Nadal, 37, who missed virtually all of the 2023 season, is hoping to compete at the French Open in May where he is the record 14-time champion
A Good Samaritan offered him a ride to Bur Dubai for free, declining Sahni's attempt to offer payment
Passengers with cancelled bookings will receive a full credit voucher for the amount paid
Passengers must go to the airport only if they have a confirmed reservation