Gold prices in Dubai edge lower on first trading day of the week

Gold prices in Dubai edge lower on first trading day of the week

Gold prices in the UAE slipped at the opening of the markets on Monday due to the strengthening of the US dollar in the global markets. According to the Dubai Jewellery Group data, the 24K opened at Dh236.5 per gram on Monday morning, down from Dh236.75 at the close of the markets last week. While 22K, 21K and 18K were trading at Dh219.0, Dh212.0 and Dh181.75 per gram, respectively, at 9.10 am UAE time. Globally, spot gold was steady at $1,955.11 per ounce by 9.26 am UAE time. The dollar edged up slightly above its April 2022 lows, making gold more expensive for holders of other currencies. “We are heading into a four-to-six-week period where liquidity tends to dry up as traders and investors leave their offices for a while to enjoy some quality time with families and friends. During this time, lower liquidity can lead to higher volatility as market-related news may trigger a larger-than-normal price response. Apart from December, July has for the past five years delivered the strongest average return, and whether history can repeat itself will depend on incoming US economic data,” said Ole Hansen, head of commodity strategy at Saxo Bank. He added that investor