Gold in UAE: After a week of persistent declines, prices won’t drop as much this week

Gold in UAE: After a week of persistent declines, prices won’t drop as much this week

Dubai: Gold prices won't be retreating as much this week, as red-hot global inflation and a weakening US dollar continue to temper demand for safe-haven bullion. In the UAE, the cost of 24-karat gold was at Dh223.25 per gram on Monday. Meanwhile, the price of 22-karat gold fell to Dh209.75 per gram, 21-karat to Dh200.00 and 18-karat to Dh171.50 in the UAE. Check . Gold extended losses from prior sessions on Monday as an elevated US dollar weighed on bullion demand, with a US market holiday expected to lead to thin trading during the day. Globally, spot gold was down 0.2 per cent at $1,836.67 per ounce, while US gold futures - which are indicative of near-term price movements - were flat. "It is a public holiday in the US today [for the Juneteenth holiday], which means liquidity " and therefore volatility " is likely to be lower, thus making directional moves on gold difficult without a fresh catalyst," City Index senior market analyst Matt Simpson said. Asian shares were unable to sustain a rare rally as US equity futures shed early gains amid worries the US central bank would this week underline its commitment to fighting inflation with whatever