Abu Dhabi: Gold prices at the opening of the market in the United Arab Emirates (UAE) on Monday, October 23, dropped one dirham per gram.
The Dubai Jewellery Group data showed that the 24-carat gold price opened at Dirhams 239.0 per gram on Monday, October 23, as compared to its Sunday night, October 22, closing at Dirhams 240.0 per gram.
22, 21, and 18-carat gold were priced at Dirhams 221.25, Dirhams 214.25, and Dirhams 183.5 per gram, respectively, at 9:15 am UAE time.
Gold prices fell globally on Monday due to US Treasury yields reducing demand ahead of inflation and economic growth data due later this week, Reuters reported.
Spot gold fell 0.8 percent to 1,965.89 dollars per ounce, while US gold futures fell 0.9 percent to 1,977.10 dollars.
US Federal Reserve Governor Jerome Powell has stated that the central bank will continue to tighten monetary policy due to the impact of previous hikes on the economy.
