Dubai: Retail prices of the precious metal in Dubai drifted downwards on Monday even as the US dollar started to show some weakness in Asia amid worries about China’s economy.
Gold's spot price has declined due to speculations that the Federal Reserve will, after all, increase the interest rates.
Spot gold stood at $1,133.98 an ounce on Monday morning, down 2.8 per cent from the closing price of $1,166.50 a week ago (August 24).
In Dubai, retail prices slipped to Dh137 per gram for 24-carat gold, Dh130.25 for 22K, 124.75 for 21K and Dh108 for 18K. Ten tola gold bar also slipped to Dh15,690 from Dh15,720.
The Indian rupee stood at 18.06 per dirham, while the Philippine peso was pegged at 12.73 as of Monday morning.
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