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The dollar index fell to its lowest point since September 29, making it cheaper for buyers who hold other currencies.
As the U.S. dollar weakened, gold prices fell slightly on Monday morning after hitting a nearly two-week high earlier in the day.
At 9:20 am UAE time, spot gold fell 0.1% to US$1,761.37 per ounce. Earlier in the day, it hit the highest point of US$1,765.54 since September 23.
In the UAE, precious metal prices remain unchanged. According to data from the Dubai Gold and Jewelry Group, the transaction price of 24K on Monday morning was 213.25 dirhams per gram, the transaction price of 22K was 200.5 dirhams per gram, the transaction price of 21K was 191.25 dirhams, and the transaction price of 18K was 164.0 dirhams.
The dollar index fell to its lowest point since September 29, making gold prices cheaper for buyers holding other currencies.
Cleveland Federal Reserve Bank President Loretta Meister said on Friday that the Fed’s interest rate hike conditions may be met by the end of 2022, adding that she expects inflation to fall back to the central bank’s target next year.
Gold has traditionally been regarded as an inflation hedge, although central bank reductions in stimulus measures and interest rate hikes tend to push up government bond yields, which in turn translates into higher interest-free gold opportunity costs.
waheedabbas@khaleejtimes.com
Staff reporter
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