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Dubai: Gold prices slip after hitting 3-month high

reporters@khaleejtimes.com Filed on August 30, 2021
Photo: AP

The US Federal Reserve chairman stopped short of providing any clear guidance on the timeline for paring economic support


Gold prices slipped on Monday morning after hitting a three-month high earlier in the day, trading at $1,816.88 an ounce, down 0.09 per cent at 9.30am UAE time.

The precious metal scaled to its highest in more than three weeks after US Federal Reserve chairman Jerome Powell stopped short of providing any clear guidance on the timeline for paring economic support at the Jackson Hole economic conference.

Spot gold rose 0.2 per cent earlier at the opening of the market to three-month high of $1,819.71 per ounce.

In the UAE, the precious metal's prices remained unchanged on Monday.

The Dubai Gold and Jewellery Group data showed 24K trading at Dh220.0 per gram, 22K at Dh206.75, 21K at Dh197.25, and 18K at Dh169.0.

On Friday, Powell offered no signal on when the central bank plans to cut its asset purchases beyond saying it could be "this year" and indicated it would remain cautious in any eventual decision to raise interest rates.

Sales of gold bracelets, pendants, earrings and necklaces that draw on traditional Chinese symbols are flying among young consumers, helping drive a rebound in gold demand in China after a pandemic-induced slump.

Speculators raised their net long positions in Comex gold and silver in the week ending August 24, data from the US Commodity Futures Trading Commission showed.

waheedabbas@khaleejtimes.com

Staff Reporter





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