As of 9.10 am UAE time, spot gold decreased by 0.15 percent to $1,760.95 per ounce.
The dollar and US bond rates increased on Monday morning after a senior US central banker cautioned that the Treasury Department is not yet “softening” its battle against inflation. Gold prices have fallen back after a three-month record in the previous session.
As of 9.10 am UAE time, spot gold decreased by 0.15 percent to $1,760.95 per ounce.
On the first business day of the week in the UAE, the price of gold decreased by one dirham per gram.
According to statistics from the Dubai Gold and Jewellery Group, 24K opened on Monday at Dh213.5 per gram as opposed to its previous closing of Dh214.5 per gram. The opening prices for 22K, 21K, and 18K were consecutively Dh200.5, Dh191.25, and Dh164.0 per gram.
Last week, gold prices had their most significant weekly percentage increase since March 2020 as indications of slowing US inflation raised optimism that the Fed could be less aggressive about raising interest rates. The Fed may decide to delay the rate of rate rises at its next conference, but that should not be seen as a “weakening” of the Fed’s fight against inflation, according to Fed Governor Christopher Waller on Sunday.
