Gold prices opened on a negative note in Dubai on Monday morning, losing Dh3.5 per gram in early trade.
According to Dubai Jewellery Group data, 24K gold was trading at Dh544.0 per gram, down from Dh547.5 per gram at the close of markets over the weekend.
The other variants also slipped lower at the start of the week, with 22K, 21K, 18K and 14K trading at Dh503.75, Dh483.0, Dh414.0 and Dh323.0 per gram, respectively.
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Spot gold was down 0.15 per cent at $4,516 per ounce, while silver was up one per cent at $75.66 an ounce.
The yellow metal was trending downward, pressured by a stronger dollar and rising crude oil prices, as investors awaited US President Donald Trump’s decision on a proposed deal to extend the ceasefire with Iran.
The US president said on Friday he would soon decide on a proposed deal to extend the ceasefire with Iran, though the two countries still appeared to differ on significant issues that have been central to the conflict.
“Oil’s uptick in price, combined with the still-elusive US-Iran deal, is just enough to keep gold off balance at the start of the week,” said Tim Waterer, chief market analyst at KCM Trade.
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