UAE: Gold prices drop to one-week low

UAE: Gold prices drop to one-week low

Spot gold was down 0.43 per cent at $1,689.64 per ounce as of 9.20am UAE time

Published: Mon 10 Oct 2022, 9:33 AM

Gold prices fell to a one-week low on Monday, as solid US jobs data added to worries that the Federal Reserve would charge ahead with aggressive interest rate hikes to tame inflation.

Spot gold was down 0.43 per cent at $1,689.64 per ounce as of 9.20am UAE time.

In the UAE, gold prices fell by one dirham per gram at the opening of the markets on the first day of the week.

The Dubai Gold and Jewellery Group data showed 24K trading at Dh204.25 per gram on Monday morning, down by one dirham from its last close on Friday. Among the other variants of the precious metal, 22K opened at Dh192.0 per gram, 21K at Dh183.25 and 18K at Dh157.0 per gram.

The dollar index was steady after touching a one-week high on Friday. A stronger greenback makes gold costlier for buyers holding other currencies.

"Gold prices are taking their cue from the build-up in rate-hike expectations from last week, brought on by the hotter-than-expected US job report," said IG market strategist Yeap Jun Rong.

Data showed on Friday US job growth slowed moderately in