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Spot gold is trading at $1,775.69 an ounce
Gold prices tumbled in the United Arab Emirates but were flat in early Asian trade on Tuesday, after falling more than 1.5% in the previous session, as the dollar rebounded on bets that strong economic data could prompt the Federal Reserve to raise interest rates further.
In the United Arab Emirates, the price of 24-carat gold plunged more than 2 dirhams per gram at the open on Tuesday. 24K traded at Dh214.75 a gram on Tuesday, compared with last night’s close of Dh217.0 a gram, Dubai Gold and Jewelry Group data showed.
And 22K, 21K and 18K also opened as low as Dh201.75, Dh192.5 and Dh165.0 per gram, respectively.
Spot gold was trading at $1,775.69 an ounce.
Gold prices fell more than 1.6 percent on Monday, marking a downbeat start to the new trading week, said Daniel Dubrovsky, senior strategist at DailyFX.
“Surges in the U.S. dollar and U.S. Treasury yields combined to weigh on non-fiat gold, which may reflect more hawkish Fed monetary policy expectations,” he said.
– waheedabbas@khaleejtimes.com
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