Dubai: Gold continued to weaken on Monday, posting a decline of more than Dh12 per gram compared to its peak level last month.
In Dubai’s retail market, 24-carat gold fell for the second straight day this week, retailing at Dh129 as of 3pm, down Dh12.50 from last month’s highest recorded price.
Jewellery shops were also trading 22K for Dh122.25, while 21K and 18K retailed at Dh116.75 and Dh100.25.
The bullion climbed to its highest at Dh141.50 in October 18 and October 21. Rising expectations that the Federal Reserve in the United States would increase the interest rates in December, coupled with a strong dollar, has reversed the trend.
Pro-interest rate hike comments have been fuelled by recent economic data that highlighted a stronger US economy. According to the latest report, American job creation in October had exceeded earlier economist forecasts.
In the global market, spot gold dropped 0.7 per cent to $1,070.01 an ounce as of 0644 GMT, down for a 13th session in the 16 trading days this month, according to a Reuters report.
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