A firmer US dollar and fading expectations of near-term interest rate cuts dragged gold below the $5,100-per-ounce mark in global trading on Monday, sending local prices sharply lower when Dubai’s market opened for the week.
Spot gold had shed 1.41 per cent to reach $5,099.14 per ounce by 9:10 am UAE time, while silver also retreated, falling 1.61 per cent to $83.2 per ounce.
The selloff translated into a steep decline across all variants tracked by the Dubai Jewellery Group. The benchmark 24K variety fell to AED613.25 per gram, a drop of AED10 from its weekend close of AED623.25. Prices for 22K, 21K, 18K, and 14K stood at AED567.75, AED544.50, AED466.75, and AED364.00 per gram, respectively.
