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Monday, September 27, 2021

Gold prices slip after hitting a three month high, trading at $1,816.88 an ounce

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Gold prices slipped on Monday morning in the wake of hitting a three-month high prior in the day, trading at $1,816.88 an ounce, down 0.09 percent at 9.30am UAE time.

The precious metal scaled to its most noteworthy in over three weeks after US Federal Reserve chairman Jerome Powell avoided giving any reasonable direction on the course of events for paring economic help at the Jackson Hole economic conference.

Spot gold rose 0.2 percent before at the kickoff of the market to three-month high of $1,819.71 per ounce.

In the UAE, the precious metal’s prices stayed unaltered on Monday.

The Dubai Gold and Jewelry Group data showed 24K trading at Dh220.0 per gram, 22K at Dh206.75, 21K at Dh197.25, and 18K at Dh169.0.

On Friday, Powell offered no sign on when the national bank intends to cut its resource buys past saying it very well may be “this year” and demonstrated it would stay cautious in any eventual decision to raise interest rates.

Sales of gold bracelets, pendants, earrings and necklaces that draw on traditional Chinese symbols are flying among young consumers, helping drive a rebound in gold demand in China after a pandemic-induced slump.

Speculators raised their net long situations in Comex gold and silver in the week finishing August 24, data from the US Commodity Futures Trading Commission showed.

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