(MENAFN- Khaleej Times)

[Editor's Note: Find out the latest gold prices here]

Gold prices eased at the opening of the markets in Dubai on the first trading day of the week, slipping Dh2.5 per gram.

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The Dubai Jewellery Group data showed 24K trading at Dh487.25 per gram on Monday morning, down from Dh489.75 per gram at the close of the markets over the weekend. Similarly, 22K fell by Dh2.25 per gram to Dh451.25. Among the other variants, 21K and 18K slipped to Dh432.5 and Dh370.75 per gram, respectively.

Spot gold was trading slightly down at $4,047.63 per ounce.

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Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, said the yellow metal retreated due to diminishing expectations of a December Federal Reserve rate cut weighed on sentiment.

“The long-awaited US employment report showed nonfarm payrolls rising by 119,000 in September, more than double the consensus estimate of 50,000, while the lack of data for October added to the uncertainty over the decision of a data-driven US Federal Reserve,” he said.

The unemployment rate ticked up to 4.4 per cent, the highest since late 2021, while wage growth surprised slightly on the upside at 3.8 per cent, painting a mixed picture of the labour market. Adding to the pressure on gold, several Fed officials echoed a cautious tone, leading markets to price with a one-third probability of a December cut.

“Geopolitical risks could also contribute to the uncertainty. In the Middle East, tensions remain elevated. In Eastern Europe, uncertainty persists around the prospects of a ceasefire. If successful, the recent peace framework could reduce demand for safe-haven assets,” added Takieddine.

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