UAE: Gold prices fall over Dh5 per gram on Monday amid positive US-China trade talks
Gold prices fell over Dh5 per gram to below Dh400 in Dubai on Monday morning as the precious metal fell below $3,300 per ounce amidst positive US-China trade talks and strengthening of the US dollar.
At 9am UAE time, 24-karat opened at Dh395.25 per gram, down from around Dh400.5 per gram at the close of the markets last week. Among the other variants, 22-karat, 21-karat and 18-karat fell to Dh366, Dh350.75 and Dh300.75 per gram, respectively.
Spot gold was trading at $3,277.53 per ounce, down 1.5 per cent. On Sunday, the US and China ended trade talks on a positive note in order to reduce the US trade deficit.
The two countries imposed tit-for-tat tariffs on each other, triggering a trade war that fuelled fears of a global recession.
Linh Tran, a market analyst at xs.com, said precious metal fell due to progress in US-China trade negotiations and the notable rebound of the US dollar.
The US media earlier reported that the Trump administration is reportedly considering cutting tariffs on Chinese goods from 145 per cent to 50 per cent — a move widely interpreted by markets as a step toward easing tensions after a series of tariff hikes and retaliatory measures in recent weeks.
'The immediate market reaction was a pullback in safe-haven assets such as gold, while risk appetite modestly improved across equities and currencies,' said Tran.
Beyond trade factors, gold's decline was also amplified by the strength of the US dollar.
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