Dubai: Gold jewellery prices in Dubai fell on Monday as the bullion continued to weaken amid a stronger US dollar.
The price of 24-karat gold stood at Dh149 per gram, down by Dh1.25 from its peak price last week, when the yellow metal surged following a small US dollar correction and US President Donald’s Trump’s actions.
Gold had been on a positive trajectory since the beginning of the year, nearly recovering half of its losses during the July to December selloff. On February 9, retail prices jumped further to hit a record high of Dh150.25 per gram, up by 7.7 per cent from the beginning of the year.
Trump’s renewed talk of tax cuts, however, later dampened gold’s momentum. On Monday, the bullion fell 0.31 per cent to $1,230.22 an ounce. Trump had announced that he would make an announcement over the next two or three weeks that will be "phenomenal in terms of tax."
"Gold is reacting to a stronger US dollar and uptake in equities market. Gold continues to be volatile while the US government finalises their economic policies," Karim Merchant, CEO and managing director of Pure Gold Jewellers, told Gulf News on Monday.
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