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Dubai: Gold prices steady; 24K trades at Dh221.5
Dubai - Dismal US jobs data signalled that the Federal Reserve could push back the timeline for tapering stimulus measures
Gold prices hovered on Monday below a two-and-a-half month peak after disappointing US jobs data signalled that the Federal Reserve could push back the timeline for tapering stimulus measures, bolstering bullion's appeal as an inflation hedge.
Spot gold was steady at $1,826.21 per ounce, down 0.1 per cent at 9.15am UAE time.
In the UAE, gold prices slipped marginally as 24K was trading at Dh221.5 per gram at the opening of the market on Monday. Among the other variants of the precious metal, 22K was trading at Dh208.0, 21K at Dh198.25 and 18K at Dh170.0.
The US Labor Department data showed on Friday nonfarm payrolls increasing by 235,000 jobs last month, below economists' expectations of 728,000, as hiring in the leisure and hospitality sector stalled amid a resurgence in Covid-19 infections.
The Fed chairman Jerome Powell had hinted last month that reaching full employment was a pre-requisite for the central bank to start paring back its asset purchases.
Richard Snow, analyst at DailyFX, said as the festival season in India approaches, there is typically stronger demand for the precious metal which is to be worn as jewellery. “While this is unlikely to drastically impact the gold price, it may help support prices where they are and support the bullish narrative,” he said.
waheedabbas@khaleejtimes.com
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