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UAE: Gold slips in early Dubai session on first session of the week – News

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Spot gold was trading at $1,925.89 an ounce at 9.10am UAE time


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published: Monday, July 10, 2023 at 9:27 am

Gold prices fell in the UAE at the open on Monday.

24K traded at AED 232.75 per gram on Monday morning, compared with last week’s close of AED 233.0 per gram, Dubai Jewelery Group data showed. 22K, 21K and 18K were traded at AED 215.5, AED 208.5 and AED 178.75 per gram respectively.

Spot gold was trading at $1,925.89 an ounce at 9:10 am UAE time.

Bas Kooijman, chief executive and asset manager at DHF Capital, said the release of last week’s Federal Reserve meeting minutes reinforced expectations of higher interest rates, which could reduce gold’s appeal amid higher yields on risk-free assets.

“A change in expectations for future rate hikes and estimates of peak rates could also have an impact on gold prices,” he said.

DailyFX strategist Daniel McCarthy (Daniel McCarthy) said that to start the week, the precious metal maintained the gains made when the dollar fell on Friday.

“What gold bulls may be concerned about is the rise in U.S. real yields. Real yields are nominal yields minus market-priced inflation for U.S. Treasury inflation-protected securities of the same maturity.”

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