Gold prices rose at the opening of the markets in the UAE on Thursday morning.

According to Dubai Jewellery Grou data, the 24K was trading at Dh221.25 per gram as compared to Dh220.5 per gram at the close of the markets on Wednesday. While 22K, 21K and 18K opened at Dh205.0, Dh198.25 and Dh170.0 per gram, respectively.

Spot gold rose 0.3 per cent to $1,828.18 per ounce by 9.23 am UAE time.

Globally, the yellow metal edged higher on Thursday as US bond yields and the dollar retreated from recent highs ahead of a keenly awaited non-farm payrolls report this week.

The US Bureau of Labor Statistics is set to unveil the September nonfarm payrolls survey on Friday. According to consensus estimates, US employers added 170,000 jobs last month, after hiring 187,000 people in July. “With this result, the unemployment rate is seen ticking down to 3.7 per cent from 3.8 per cent previously, indicating a persistent imbalance between the supply and demand for workers,” said Diego Colman, contributing strategist, dailyFX.

He said the yellow metal moved slightly higher on Wednesday amid US dollar softness but lacked firm directional conviction, as traders remained somewhat bearish on precious metals and avoided taking significant exposure in the space given the recent unhinged moves in yields.

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