In Dubai, the price of gold fell below Dh600/g on Friday morning, hitting a one-week low, as the yellow metal fell below $5,000. The price of 24 Karat gold dropped 11 dirhams in just 24 hours, from Dh610.75 per gramme on Thursday morning to Dh599.75 per gramme as the Dubai markets opened on Friday.
22K, 21K, 18K, and 14K, which are different varieties of the yellow metal, likewise followed the market trend, trading at Dh555.25, Dh532.5, Dh456.5, and Dh356.0 per gramme, respectively. Gold prices rebounded from a one-week low and were trading at $4,977.92/ounce on the spot market. At nine fifteen in the morning UAE time, it was one percent higher.
Following an equities sell-off, selling pressure for gold accelerated, causing a 3% decline to a near one-week low on Thursday. The metal broke below the $5,000/oz critical support level. After strong US jobs data dampened expectations of rate reduction, investors are waiting for important US inflation readings to provide clarity on interest rate direction. Markets were pleasantly surprised by Thursday’s US report, which showed 130,000 increases in January, against a projection of 70,000.
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