Gold prices fell nearly 2 dirhams per gram when markets opened in Dubai on Thursday, wiping out yesterday’s gains.
In the United Arab Emirates, the 24K version of the yellow metal was trading at 280.0 dirhams per gram as of 9am UAE time, down from 281.75 dirhams on Wednesday’s close.
Other variants – 22K, 21K and 18K – traded at 259.25, 251.0 and 215.0 dirhams per gram respectively. Globally, gold traded 0.41% lower at $2,311.46.
Naeem Aslam, chief investment officer at Zai Capital, said gold prices had surged on Wednesday following the U.S. data.
He added that gold traders are confident about upcoming U.S. data and the direction of gold prices is likely to be up.
Daniel Takidin, CEO of BDS Swiss Mena, said gold could find safe support amid growing political uncertainty in Europe.
“This comes after French President Emmanuel Macron’s decision to ratchet up political uncertainty in France, the euro zone’s second-largest economy.”