Dubai Gold Prices Drop As Precious Metal Slips Below $4,000 An Ounce

(MENAFN- Khaleej Times) Dubai gold prices eased further on Friday morning as precious metal slipped below $4,000 an ounce globally.

According to Dubai Jewellery Group data, 24K fell to Dh481.75 per gram at the market open on Friday, down from Dh485 per gram at the close of the markets on Thursday.

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Similarly, 22K, 21K and 18K fell to Dh446.25, Dh427.75 and Dh366.75 per gram, respectively.

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Spot gold was trading at $3,999 an ounce on Friday as higher oil prices spurred inflation concerns and robust US inflation data strengthened the case for another Federal Reserve rate hike later this year.

Silver was down 1.5 per cent at $51.52.

"Gold's slide is asking serious questions of technical support around ​the $4,000 level. Dip buying has previously limited declines, but it remains to be ​seen whether value buying will come to gold's rescue," said Tim Waterer, chief market analyst at KCM Trade, told Reuters.

"There were enough bullish indicators in the US macro data this week to keep ​the Fed on track for a potential December hike, which combined with oil ​at present levels means that gold continues to lose out from an inflation perspective,” he added.

Oil prices were trending higher on Friday with Brent and WTI trading over one per cent higher at $116.2 and $103.1 per barrel, respectively.

Artem Bakushev, Head of Risk, Monaxa, said the US unemployment data has given the Fed the most uncomfortable kind of good news: growth is stronger than expected, but the consumer is losing some speed.

“Gold is falling because this is not a clean rate-cut signal. Core PCE held at 0.3 per cent and jobless claims stayed exceptionally low at 194,000. That gives the Fed little reason to rush, even as softer consumer data begins to appear beneath the headline growth number,” said Bakushev.

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