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Retail prices remain unchanged since Sunday, with the bullion trading at $1,123.15 an ounce
Dubai: After recently posting a decline, retail gold prices in Dubai remained modestly flat, with the bullion trading at $1,123.15 an ounce on Monday.
Retail prices remained unchanged since Sunday, standing at Dh136 per gram for 24-carat gold, Dh129.25 for 22-carat, Dh124 for 21K andDh107.25 for 18K.
The precious metal lost about 0.9 per cent in value over a period of seven days, but there is no consensus among gold market analysts as to where prices are headed this week.
As of 0637 GMT, spot gold was trading at $1,123.15, according to Reuters. The bullion had dropped to $1,116.75 on Friday, posting its biggest loss since August 19, following the release of a relatively rosy payrolls data in the United States (US) last week.
In a recent poll by Kitco among investment bankers, futures traders and technical-chart analysts, nearly half (47 per cent) said they expect higher prices this week, while 29 per cent are anticipating a price decline and about 24 per cent are neutral.
Joblessness in the US slowed down to 5.1 per cent in August and the total non-farm payroll jobs rose by 173,000 during the same period, according to the US Bureau of Labour Statistics on Friday. The number of jobless persons dropped to 8 million, further fueling expectations of a rate hike.
The ADP national employment report showed the US creating 190,000 new jobs in the nonfarm private sector from July to August this year.
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