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Spot gold fell 0.65% to $1,992.43 an ounce
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Global gold prices fell around 1% on Monday morning, falling below $2,000 an ounce, after U.S. jobs data pointed to a tight labor market and raised expectations for another rate hike by the Federal Reserve in May.
Spot gold was down 0.65% at $1,992.43 an ounce by 9:20 am UAE time. Prices of the precious metal fell by Dh2 per gram in the UAE on Monday morning.
24K gold opened at AED 241.25 per gram on Monday, compared with a previous close of AED 243.25 per gram, according to Dubai Jewelery Group data. While 22K, 21K and 18K traded at Dh223.5, Dh216.25 and Dh185.25 per gram, respectively.
Gold slipped on “profit-taking on Fed rate hike expectations, Friday’s strong U.S. jobs growth report and a stable dollar,” said Hareesh V, head of commodities research at Geojit Financial Services, while pointing to a technical correction in prices.
The dollar index rose 0.1%, making gold expensive for overseas buyers.
Data from the Labor Department on Friday showed nonfarm payrolls increased by 236,000 in March, beating expectations for a gain of 239,000. The data also showed that the unemployment rate fell to 3.5% from 3.6% the previous month.
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