On the first trading day of the week, gold prices in the UAE saw a decline of AED1 per gram.
According to data from the Dubai Jewellery Group, 24K gold was trading at AED239.0 per gram, compared to last week’s close at AED240.0 per gram.
Similarly, 22K, 21K, and 18K also opened lower. Spot gold dropped by 0.8 percent to $1,965.89 per ounce, influenced by robust US Treasury yields.
Experts suggest that gold is nearing overbought territory, which may make it susceptible to a reversal, influenced by factors like high bond yields and a strengthening dollar.
