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UAE: Gold prices slip as Biden-Putin meeting plans ease demand

Spot gold was trading at $1,891.59 per ounce at 9.15am UAE time.

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Gold prices fell from a more than eight-month high hit earlier on Monday, as safe-haven demand eased after the US president agreed to meet his Russian counterpart over the Ukraine crisis.

Spot gold was trading at $1,891.59 per ounce at 9.15 am UAE time, retreating from $1,908.02 – its highest since June 3 hit earlier in the session. While US gold futures were steady at $1,898.60.

In the UAE, 24K gold price slipped below Dh230 at the opening of the market, trading at Dh229.25 per gram. While 22K, 21K and 18K opened lower at Dh215.5, Dh205.5 and Dh176.25 per gram, respectively, according to the Dubai Gold and Jewellery Group data.

Buyers in major Asian hubs put off physical gold purchases last week due to a rally in prices on escalating Russia-Ukraine tensions, pushing Indian dealers to offer the highest discounts in nearly seven months, Reuters said.

On Sunday, US President Joe Biden accepted in principle a summit with Russia's Vladimir Putin over the Ukraine crisis after the two countries’ foreign ministers meet this week and if an invasion has not occurred.

Investors say that a potential invasion of Ukraine by neighbouring Russia would be felt across a number of markets, from wheat and energy prices and the region's sovereign dollar bonds to safe-haven assets and stock markets.

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