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Dubai: Gold price drops below $1,820 an ounce
Photo: Wam
Dubai - The yellow metal is performing well after last week’s job report
Gold prices fell on Tuesday after opening higher earlier in the day.
Spot gold fell 0.27 per cent to $1,819.03 per ounce, down by 0.27 per cent at 9.40am UAE time.
The precious metal prices had hit a two-and-a-half month high last week following disappointing US non-farm payrolls data. A strong jobs recovery is seen as crucial for the US Federal Reserve to start withdrawing its stimulus measures.
In the UAE, 24K fell to Dh220.5 per gram at the opening of the market on Tuesday. Meanwhile, 22K, 21K and 18K fell Dh207.25, Dh197.75 and Dh169.5 per gram, respectively.
Naeem Aslam, chief market analyst at AVA Trade, said the yellow metal is performing well after last week’s job report.
“The weak economic report raised expectations that the US Federal Reserve would likely delay tapering of its stimulus and hence postpone its timeline for raising interest rates as well. Because of this situation, the US dollar has been depreciating against a basket of currencies,” said Aslam.
With the eurozone economy roaring back to life, the European Central Bank will also debate a cut in its stimulus on Thursday, beginning a hard-fought and lengthy discussion on how to dismantle the crisis-fighting measures that have kept the bloc afloat.
waheedabbas@khaleejtimes.com
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