Dubai Gold price slump Dh 7 In a week, is it time to buy?

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Gold Souk Dubai

Dubai Gold price slump Dh 7 In a week, is it time to buy?

Gold prices fell on Friday as the dollar rose against the euro after the release of the latest job data in the United States, which showed a strong increase in jobs and wages and pushed ten-year US bond yields to a four-year high.

Dubai gold prices are Dh161.50 for 24-karat and 22-karat can be bought for Dh151.50.

Spot gold fell 1.3 percent to $ 1331.25 an ounce late in the US session.

US April gold contracts fell 0.8 percent to settle at $ 1337.30 an ounce.

Gold ended the week with a loss of 1.4 percent after rising in six of the past seven weeks and after recording a 17-month high of $ 1366.07 last week.

The US Department of Labor said the world’s largest economy created 200,000 jobs in January, a figure higher than expectations for a 180,000 increase.

The strong data could reinforce speculation that the Federal Reserve will push ahead with higher interest rates this year.

Among other precious metals, silver fell 3.34 percent to $ 16.65 an ounce, its lowest level since Dec. 28, ending the week with a loss of 4.3 percent.

Platinum fell 1.5 percent to $ 990.60 an ounce, a weekly loss of 2 percent.

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