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UAE: Dubai gold prices open lower in first session of the week – News

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Gold tried to bounce back last week, hitting $1,983 at one point, but quickly reversed course and retreated before the weekend


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published: Monday, June 5, 2023 at 9:36 am

Gold prices opened lower in the UAE on the first session of the week after a strong U.S. jobs report pushed the dollar higher and took away the shine from the precious metal.

The price of 24K in Dubai fell by half a dirham per gram to AED 235.5 per gram when the market opened on Monday. While 22K, 21K and 18K traded at Dh218.25, Dh211.25 and Dh181.0 per gram, respectively.

Spot gold was down 0.27% at $1,944.14 an ounce by 9:15 am UAE time.

The precious metal fell more than 1 percent on Friday after U.S. nonfarm payrolls rose by 339,000 last month, beating economists’ forecasts. However, the US unemployment rate rose to 3.7% from a 53-year low of 3.4% in April.

According to dailyFX, gold has corrected sharply downward from the May high around $2,070, falling nearly 6% from its peak in a short period of time.

Gold tried to bounce back last week, briefly touching $1,983, but quickly reversed course and retreated before the weekend to settle just below the $1,950 mark.

“The metal’s lack of ability to sustain a bullish momentum can be attributed to the U.S. interest rate dynamics, especially the recent rise,” said dailyFX strategist Diego Colman.

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