Dubai: Gold Prices Slip From All-Time High, 22K Dips Below Dh400 Per Gram

Gold prices opened lower on Monday, dipping slightly from last week's all-time high.

At 9 am, 24K fell Dh1.25 per gram to Dh431.5 per gram on Monday, while 22K slipped from an all-time high of over Dh400 per gram to open at Dh399.75 per gram, down Dh0.50.

Among the other variants, 21K and 18K opened lower at Dh383.25 and Dh328.25 per gram, respectively.

Spot gold was little changed at $3,583.74 per ounce at 9 am UAE time on Monday morning. It hit an all-time high of $3,600 last week on expectations around interest rate cuts by the US Federal Reserve in September and weakness of the US dollar.

Last week, a weaker-than-expected US jobs report strengthened the case for rate cuts by the Fed in September.

“A meagre 22,000 new non-farm jobs - far weaker than analysts expected. Prior months' revisions even showed the US economy lost jobs in June. The unemployment rate climbed to 4.3 per cent as anticipated, while the participation rate ticked slightly higher - but not enough to improve the outlook,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

“On the contrary, the US labour market is expected to deteriorate further amid mass deportations, restrained immigration, and tariff-related uncertainty. Manufacturing shed another 12,000 jobs in July, suggesting the bleeding may continue before production and employment eventually shift back to the US - though many of those factory-floor jobs will likely be replaced by robots,” he said.

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