Gold prices in Dubai held steady at the start of the week after losing Dh35.75 in one month.
The 24K variant was trading at Dh498 per gam at the open of the markets on Monday, down from Dh499 over the weekend, according to data by Dubai Jewellery Group.
The other variants of the precious metal, 22K, 21K, 18K, and 14K, were trading at Dh461, Dh442, Dh379, and Dh295.5 per gram, respectively.
Spot gold fell 0.18 per cent to $4,132.2 per ounce. Silver was up 0.84 per cent, trading at $60.92.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The metal eased as the US dollar held strong, although losses were limited after recent soft economic data sharply reduced expectations of a Federal Reserve rate hike this month, according to reporting by Reuters.
Financial analyst and CIO of Century Financial, Vijay Valecha, said last week that investors have dialled back the probability of an October rate hike to nearly 50 per cent, compared with previous estimates of 70 per cent.
This follows comments from John Williams, Federal Reserve Bank of New York President and CEO, suggesting that one further rate adjustment may be sufficient later this year.
Valecha also pointed to rising US Treasury yields as a risk to gold’s recovery, with the 30-year yield climbing above 5.61 per cent, its highest level since 2002.
He said upcoming US economic data, including the core personal consumption expenditures (PCE) price index and non-farm payrolls report, would be key to gold’s near-term direction. Gold could retest support around $4,120 before making further gains, he added.
Source: Khaleej Times