At the opening of the markets on Monday, the price of gold in the United Arab Emirates (UAE) fell by one dirham per gram.
Monday morning saw the 24K version of the precious metal trading at Dh246.0 per gram, down from last week’s finish of Dh247.0 per gram. Based on statistics from the Dubai Jewellery Group, the opening prices of the other varieties were as follows: 22K opened lower at Dh227.75, 21K at Dh220.5, and 18K at Dh189.0 per gram.
Globally, spot gold was down 0.47 percent at $2,030.1 an ounce by 9:44 am UAE time, as Treasury yields and the dollar rose sharply following a stunning US jobs report that dashed hopes for a Federal Reserve interest rate drop in the near future.
Market analyst at xs.com, Antonio Ernesto Di Giacomo, stated that traders have been monitoring several factors that have affected the price of gold, including the release of US monetary policy, macroeconomic data, and hostilities between certain nations in other regions.
“While there doesn’t seem to be an urgent need to cut interest rates, a reduction might be considered in the second quarter of this year. This shift in perspective suggests that the Federal Reserve may take a less stringent posture going forward, demonstrating more adaptability in how it handles future economic difficulties,” the speaker said.
Antonio went on to say that investors are closely monitoring the developments in the Middle East.
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