Dubai: 24K gold price rises to 3-month high at $60.50 per gram

Poor US job data continues to support the yellow precious metal

  
A salesperson arranges 24K gold bars engraved with dogs at Chow Tai Fook Jewellery store ahead of the Lunar Year of the Dog in Hong Kong, China December 14, 2017. Image used for illustrative purpose

A salesperson arranges 24K gold bars engraved with dogs at Chow Tai Fook Jewellery store ahead of the Lunar Year of the Dog in Hong Kong, China December 14, 2017. Image used for illustrative purpose

REUTERS/Tyrone Siu
 

UAE - Gold opened higher on Monday morning, with prices hovering around a three-month high.

Globally, spot gold was trading at $1,834 an ounce and was up $3.78 or 0.2 per cent at 9.15am UAE time.

In the UAE, Dubai Gold and Jewellery Group data showed 24K trading at Dh222.0 per gram on Monday morning, up Dh0.25 from its last close on Friday.

Meanwhile, 22K, 21K, and 18K were trading at Dh208.5, Dh199.0, and Dh170.5 per gram, respectively, at the opening of the stock market on Monday.

Gold prices touched a near three-month high on Friday after weaker-than-expected US jobs data increased hopes that interest rates will stay low for some more time. The trend has put pressure on the US dollar and boosted demand for gold.

The US companies added 266,000 jobs in April, but the figure was below expectation. Analysts had expected last month’s job data to be over 900,000.

Simon Ballard, the chief economist at First Abu Dhabi Bank, said the US labour market report vindicated the dovish stance of the US Federal Reserve and clipped US Treasury Secretary Janet Yellen’s hawkish bias.

Last week, physical gold demand in India also fell, as consumers turned cautious due to an unprecedented surge in new Covid-19 infections in the most populous South Asian country.

 

Copyright © 2021 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Commodities