Dubai: Gold price steady ahead of US data Filed on May 3, 2021
Photo: AFP

Meanwhile, physical gold in India was sold at a discount last week for the first time this year.

Gold prices edged up on Monday morning on the back of a muted dollar ahead of a series of US data.

Spot gold was up 0.1 per cent or $2.18 an ounce to $1,773.43 per ounce by 10am UAE time, while US gold futures rose 0.2 per cent to $1,770.30 per ounce.

In the UAE, Dubai Gold and Jewellery Group data showed 24K retail price trading at Dh215 per gram while 22K, 21K, and 18K stood at Dh201.75, Dh192.5, and Dh165 per gram, respectively.

The precious yellow metal was looking for direction ahead of US data and mixed news emerging from the Asian countries.

Physical gold in India was sold at a discount last week for the first time this year, as an unprecedented spike in Covid-19 cases prompted strict restrictions and kept buyers away.

India's gold consumption is expected to falter in the June quarter due to the lockdowns, the World Gold Council (WGC) said last Thursday.

Meanwhile, the China Gold Association (CGA) said China's gold consumption soared 93.9 per cent in the first three months from the same quarter a year earlier.

Staff Reporter

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