On Monday morning, the gold prices declined in the UAE and globally as the US dollar strengthened while investors were waiting for a series of major central bank policy meetings this week.
At the market opening on Monday in the UAE, the 24K gold price decreased by half a Dirham per gram for trading at Dh237.0 per gram compared to last week’s close of Dh 237.5 per gram.
Moreover, along with the other variants of the precious metal, the 22 K, 21K, and 18K were dealing at Dh 219.5 and Dh182.0 per gram, respectively.
Furthermore, spot gold fell 0.3 percent to $1954.78 per ounce.
Zain Vawda, an analyst at Daily FX, said that the previous metal fluctuated between the hold of $1940- $ 1970 for most of the last week as continued repricing of the rate increase on the probabilities for the US Federal Reserve weighed on the attempted recovery of gold.
The yellow metal prices rose to 0.7 percent last week, which was helped by a more than one percent jump on Thursday after a jump in US weekly jobless claims.
Vawda said that ” from a volatility perspective, market participants will welcome the heavy economic docket. The Federal Reserve remains entirely separated on the way forward with the intense debates and discussions on whether a pause or another 25 bps hike is needed.
Moreover, there have been signs that the economy may be slowing, though the wage growth remained steady at 0.3 percent owing to an uptick in unemployment during May”.
However, investors are waiting for the release of the US consumer and producer price index data on Tuesday and Wednesday.