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UAE: Gold prices slip in Dubai, reaching nearly 3-week low

As the market opens on Thursday, the price of 24K gold is D234.25 per gram

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Published: Thu 3 Aug 2023, 9:46 AM

Gold prices fell at the opening of the markets on Thursday in the UAE, reaching a newly three-week low on expectations of more interest rate hikes after a stronger-than-expected increase in US private payrolls.

The Dubai Jewellery Group data showed 24K trading at D234.25 per gram on Thursday, down from Dh235.5 per gram at the close of the markets on Wednesday.

While 22K, 21K and 18K also opened lower at Dh216.75, Dh209.75 and Dh180.0 per gram, respectively, at 9 am UAE time.

Spot gold was down 0.13 per cent at $1,933.85 per ounce by 9.13 am UAE time.

The US private sector added 324,000 jobs in July. The increase was far more than market expectations which were for closer to 200,000 and were recorded across multiple sectors.

The US dollar index also rose to a four-week high, and benchmark 10-year Treasury yields were at their highest since November on Wednesday.

Daniel Dubrovsky, contributing senior strategist, dailyFX, said the precious metal has weakened almost 1.7 per cent over the past 48 hours.

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