Dubai: 24K gold price rises to 3-month high at Dh222 per gram

Waheed Abbas/Dubai
Filed on May 10, 2021

Poor US job data continues to support the yellow precious metal.

Gold opened higher on Monday morning, with prices hovering around a three-month high.

Globally, spot gold was trading at $1,834 an ounce and was up $3.78 or 0.2 per cent at 9.15am UAE time.

In the UAE, Dubai Gold and Jewellery Group data showed 24K trading at Dh222.0 per gram on Monday morning, up Dh0.25 from its last close on Friday.

Meanwhile, 22K, 21K, and 18K were trading at Dh208.5, Dh199.0, and Dh170.5 per gram, respectively, at the opening of the stock market on Monday.

Gold prices touched a near three-month high on Friday after weaker-than-expected US jobs data increased hopes that interest rates will stay low for some more time. The trend has put pressure on the US dollar and boosted demand for gold.

The US companies added 266,000 jobs in April, but the figure was below expectation. Analysts had expected last month’s job data to be over 900,000.

Simon Ballard, the chief economist at First Abu Dhabi Bank, said the US labour market report vindicated the dovish stance of the US Federal Reserve and clipped US Treasury Secretary Janet Yellen’s hawkish bias.

Last week, physical gold demand in India also fell, as consumers turned cautious due to an unprecedented surge in new Covid-19 infections in the most populous South Asian country.

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