Gold prices dropped below Dh600 per gram in Dubai on Friday morning as the yellow metal slipped below $5,000, reaching close to a one-week low.
The 24K gold price fell to Dh599.75 per gram at the opening of the markets in Dubai on Friday, down from Dh610.75 per gram on Thursday morning, losing Dh11 per gram in 24 hours.
Similarly, the other variants of the yellow metal also fell in line with the market trend, with 22K, 21K, 18K, and 14K trading at Dh555.25, Dh532.5, Dh456.5, and Dh356.0 per gram, respectively.
Spot gold was trading at $4,977.92 per ounce, bouncing back from nearly a one-week low. It was up one per cent higher at 9.15 am UAE time.
Gold dropped about three per cent to a near one-week low on Thursday, breaking below the $5,000-an-ounce key support as selling pressure intensified after an equities rout.
Investors are waiting for key US inflation figures for guidance on interest rate direction following robust jobs data that reduced expectations of rate cuts.
The US report on Thursday, a positive surprise for markets, showed 130,000 additions in January versus a forecast of 70,000.
“This news might lead to minor pullbacks for both gold and silver from key resistance levels. The data reinforced the Fed’s cautious stance, with traders pushing back expectations for the next rate cut to July from June. However, for the full year 2025, total job growth was revised from 584,000 to 181,000 (an average of only 15,000 jobs per month). This will provide a floor for both metals,” said Vijay Valecha, chief investment officer at Century Financial.
Read More: Gold Prices Stable in Dubai Morning Trade – 24K Around Dh610
