Dubai: Retail gold prices in Dubai edged lower on Monday as global investors tried to score some gains following a recent price rally.
As of Monday morning, 24-carat gold was retailing at Dh136.75 per gram, down from Dh137 a day earlier, but still higher compared to most of last week’s prices. Twenty two-carat gold was trading at Dh130, while 21K and 18K stood at Dh124.50 and Dh107.75, respectively.
Spot gold eased 0.3 per cent to $1,134.91 an ounce by 0635 GMT, according to a Reuters report. Last Friday, the bullion increased by 2.2 per cent, the most significant price increase recorded in one day since January 2015.
Investors are normally in the mood to sell when prices rise, in order to secure some gains.
Gold market experts had earlier said they expect the bullion to post some gains this week after weak employment data in the United States dampened expectations of an interest rate increase from the Federal Reserve.
Job creation in the United States slowed down last month, with the economy adding only 142,000 jobs in September, much lower than the 304,000 forecast.
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