After a strong US payrolls report moved the US dollar higher and took the luster away from the precious metal, the Gold prices opened lower in the UAE on the first trading day of the week.
At Monday’s beginning of the markets, the 24K prices in Dubai decreased by half a Dirham per gram for trading at Dh235.5 per gram. While 22K, 21 K, and 18K were dealing at Dh 218.25, Dh 211.25, and Dh 181.0 per gram, respectively.
Moreover, at 9.15 UAE time, Spot Gold decreased to 0.27 percent at $ 1,944.14 per ounce.
Besides, On Friday, after US nonfarm payroll increased by 339,000 jobs last month, the prices of the precious metal decreased by one percent, surpassing the forecasts done by the economists. However, the unemployment rate in the US increased to 3.7 percent, from 53 years up to 3.4 percent till April.
According to the daily FX, the yellow metal has undergone a significant downward correction from its May increases of around $2070, down about 6 percent from those pinnacle levels in a short period.
Apparently, in the last week, billion tried to recover, briefly arriving at $1,983, but quickly reversed the course and excited heading into the weekend and settling slightly below the verge of $1,950.
Diego Colman, a strategist at Daily FX, said, ” The metal’s lack of ability for maintaining the bullish momentum can be given credit for their US interest rate dynamics, especially for their recent upswing.