Spot gold was down at $1,745.85 an ounce at 9:05 a.m. UAE time
Gold prices fell on Monday morning, after marking their worst week in five, as traders awaited further clues on central banks’ interest rate strategy.
Spot gold was down at $1,745.85 an ounce at 9:05 a.m. UAE time.
In the United Arab Emirates, the price of gold fell by half a dirham per gram when markets opened on Thursday.
The price of 24-karat gold opened Monday at Dh211.5 per gram from its previous close of Dh212. Among other variants of the precious metal, 22K was trading at Dh198.75, 21K at Dh189.5 and 18K at Dh162.5.
Analysts said last week that institutional investors were wary and that further gains could be elusive.
Atlanta Federal Reserve Chairman Raphael Bostic said Saturday he was ready to “walk away” from three-quarter-point rate hikes at the Fed’s December meeting and believes the rate The Fed’s guiding target should not increase by more than another percentage point to fight inflation.
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