UAE: Gold prices fall in Dubai on first trading day of the week – News

Precious metals saw volatility last week as continued repricing of Fed rate hike odds weighed on gold’s attempt at recovery

Gold prices fell Monday morning in the UAE and globally as the dollar strengthened while investors awaited a series of major central bank policy meetings this week.

In the UAE, 24-carat gold prices dropped half a dirham per gram at the open on Monday, trading at Dh237.0 per gram, compared with last week’s close of Dh237.5 per gram.

Among other variants of the precious metal, 22K, 21K and 18K were traded at Dh219.5, Dh212.5 and Dh182.0 per gram respectively.

Spot gold fell 0.3% to $1,954.78 an ounce.

Zain Vawda, analyst at dailyFX, said the precious metal traded in the $1,940-$1,970 range for most of last week as the Fed’s continued repricing of the probability of a rate hike weighed on gold’s attempt to recover.

Gold prices rose 0.7% last week, helped by gains of more than 1% on Thursday after weekly U.S. jobless claims surged.

“From a volatility standpoint, market participants will no doubt welcome a slew of economic data. The Fed remains largely divided on the path forward and could see heated debate and debate over whether a pause or another 25 basis point hike is needed. discuss.

There have been recent signs that the economy may be starting to slow, but wage growth held steady at 0.3% and unemployment rose in May,” Vawda said.

Investors await U.S. consumer and producer price data due on Tuesday and Wednesday, respectively.