UAE: Gold prices drop on the first trading day of the week

Spot gold was trading at $1,760.13 per ounce as of 9.10 am UAE time, down 0.15 per cent



by

A Staff Reporter

Published: Mon 1 Aug 2022, 9:34 AM

Last updated: Mon 1 Aug 2022, 9:36 AM

Gold prices slightly dropped on Monday morning, but were still hovering near a three-week high scaled in the previous session.

Spot gold was trading at $1,760.13 per ounce as of 9.10 am UAE time, down 0.15 per cent.

In the UAE, the 24K fell to Dh213.25 per gram at the opening of the markets on Monday as against Dh214.0 per gram in the previous session. While 22K, 21K and 18K opened at Dh200.25, Dh191.0 and Dh163.75 per gram, respectively.

The dollar languished near three-week lows against its rivals, making greenback-denominated gold less expensive for other currency holders.

Benchmark US 10-year Treasury yields were hovering near a four-month low.

Data showed US consumer spending increased more than expected in June as Americans paid more for goods and services, with monthly inflation surging by the most since 2005.

India launched its first international bullion exchange on Friday as the world's second-biggest consumer of the precious metal tries to bring transparency to the market for the precious metal.

Physical gold buying eased last week in India as rupee prices rose to a three-week high, while the likelihood of fresh restrictions to tackle higher coronavirus cases clouded the demand outlook in top consumer China.

waheedabbas@khaleejtimes.com

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