Gold prices gained in Dubai on Monday after falling below Dh500 last week. The 24K variant of the precious metal was trading at Dh503.75 per gram at the opening of the markets on Monday, up from Dh500 per gram at Friday’s market close, gaining Dh3.75 per gram.
The 22K gold variant gained Dh6.5 to Dh466.50 per gram, while the 21K, 21K and 18K gold prices were trading higher at Dh447.25, Dh383.25 and Dh299.0 per gram, respectively.
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Spot gold gained 1.29 per cent to $4,196.28 an ounce as of 9:30am UAE time, while silver regained almost the 4 per cent that it lost on Friday, trading at $66.35 an ounce.
Gold prices dropped below Dh500 last Friday after some pressure from the US Federal Reserve’s aggressive policy signals and a stronger dollar.
Meanwhile, US-Iran ceasefire talks were delayed on Sunday before all parties agreed to a roadmap to reach a final deal within 60 days. However, analysts say the peace talks lack a dominant force behind the price action.
Ahmad Assiri, Research Strategist at Pepperstone, said that investors are instead focusing on whether incoming US economic data will justify the Fed’s restrictive policy under the newly-appointed chair, Kevin Warsh, or “restore the path for easing expectations to the pre-Iran conflict outlook.”
Source: Khaleej Times