Following a $3 per barrel average global price increase in March, petrol prices for April increased by 12 fils per litre in the UAE
Gold prices rose on Monday morning after the US dollar retreated and investor concerns that the Delta coronavirus variant could dampen the global economic recovery also lifted bullion's safe-haven appeal.
Spot gold was up 0.49 per cent at $1,787.18 per ounce at 9.15am UAE time.
In the UAE, the 24K price rose to Dh216.5 per gram on Monday morning as against Dh215.75 on Sunday. Among the other variants of the precious metal, 22K was trading at Dh203.5 per gram, 21K at Dh194.25 and 18K at Dh166.5.
The dollar index was down 0.2 per cent, moving away from the 9-1/2-month high it hit last week, lifting gold's allure for holders of other currencies.
"The Delta variant is throwing a sort of a spanner into the works on how likely and how soon we could see a tapering announcement," ING analyst Warren Patterson told Reuters.
Gold's advance has thus far been capped largely by concerns over the Fed's tapering, OCBC analysts said in a note.
"We expect gold to continue trading within a broad sideway trend of $1,750-$1,800 for now, although our near-term bias is to the upside."
waheedabbas@khaleejtimes.com
Following a $3 per barrel average global price increase in March, petrol prices for April increased by 12 fils per litre in the UAE
Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques
NCM official says May 2-3 is identified as the ‘peak’ of the situation
PSG are still involved in the Champions League in what could turn out to be the club's finest ever season
World number three Alcaraz, 20, missed a month prior to Madrid with a forearm issue
It was Chennai's fifth win from nine matches as they moved to third place in the points table with 10 points
Earlier, Arsenal held on for a pulsating 3-2 win over arch rivals Tottenham
Samsung cuts through the flaff with its Galaxy Tab S6 Lite, providing all the essential features you need at an affordable price