Gold prices slipped in Dubai on Monday, with bullion prices falling against a strong US dollar and rising interest rates.
According to statistics from the Dubai Gold & Jewellery Group, the price of 24-karat (24K) gold fell from AED 146.75 per gram in the afternoon, compared to AED 147.25 per gram in the morning.
Additionally, on Monday afternoon 22-karat gold was selling at AED 137.75, 21-karat at AED 131.50 and 18-karat at AED 112.75 per gram.
Throughout the rest of the week, spot prices are forecast to range from $1,195 and $1,220 an ounce.
Gold prices rose on Friday afternoon after falling to a 17-month low of $1,204, following news that non-farm employment in the United States was below expectations and a weakening dollar.
Historical data suggests that August and September are positive months for gold, with prices rising an average of 4.1 percent over the course of the two months.
The plunge in gold prices, however, may be close to ending and may climb back to $1,300 by December, according to ICBC Standard Bank.
On Monday, Marcus Garvey, a London-based commodities strategy, said that bullion is set to average $1,260 an ounce in Q3 and rise further in the following three months as interest rates increases are priced in and physical demand emerges.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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