Following the Eid Al Adha holidays, gold prices remained stable at the start of Dubai’s markets on Monday, staying below Dh400 per gramme. On Monday morning, the price of the 24K was Dh399 per gramme, which was somewhat higher than the closing of the previous week. The prices of 22K, 21K, and 18K, the other varieties of the precious metal, were Dh369.5, Dh354.5, and Dh303.75 per gramme, respectively.
In honour of Eid Al Adha, the UAE declared a four-day vacation for both the public and private sectors, which would run from Thursday through Sunday. The expectation of a tariff agreement between the United States and China kept spot gold stable at $3,309.97 an ounce. Strong US jobs clouded the picture for the US Federal Reserve’s attempt to lower interest rates, which caused the yellow metal to drop more than 1% on Friday.
Tickmill managing principal Joseph Dahrieh warned that gold would face pressure as Fed members reaffirmed their position on cautious monetary policy. “The lack of urgency from policymakers could limit further upside for the bullion, even though markets continue to price in rate cuts later this year,” he added. The crisis between Russia and Ukraine has entered a new stage, according to Linh Tran, a market analyst at xs.com.
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