Today Gold Spot fell 0.23 per cent to $1,760.12 per ounce in the morning time of 9.15 am UAE. Dubai Gold Price down due to the US new data.
Reason for Fall in Gold Price:
Dubai Gold price fell on Thursday 7th October 2021. The dollar remained strong. Investors were careful ahead of a US payrolls report. Many are expecting to provide evidence on the Federal Reserve’s tapering timeline.
Spot Gold Dubai:
Morning price Spot gold Dubai fell 0.23 per cent to $1,760.12 per ounce by 9.14 am UAE time. In the UAE, 24K trading at Dh213.25 per gram. 22K at Dh200.25, 21K at Dh191.0 & 18K at Dh163.75 at the market’s opening on Thursday.
“Central banks are in a very dangerous situation as they watch boom continues to pick up. Historically, it is big news for Gold. But it doesn’t work that way in a situation where central banks are beginning to shift into rate hike mode. This is said by,” Stephen Innes, managing partner at SPI Asset Management, told Reuters. Also read about earthquake in Pakistan.
US news affecting prices in Gold:
“If we get a heavy work number and US yields go towards 1.6 per cent. I think Gold could trade down to $1,725.” We might see more low in Gold prices. Surely coming few months, Gold prices are going to remain volatile in Dubai and worldwide. Many things are going to affect Gold rates. We all expect things to come to normal in all the leading countries and some Asian countries like India. We all know India is the biggest trader of Gold. Diwali is coming near in India we can expect some support to in this price. Overnight, the yield on 10-year US Treasuries lifted off a more than three-month high but continued above 1.5 per cent.