Gold prices fell on Monday, weighed down by the dollar’s rise, but remained close to a one-month high recorded in the previous session, supported by a blurring of progress in a possible US tax reform.
God Rate in Dubai are Dh156.50 for 24-karat and 22-karat can be bought for Dh147. The prices of 21 karat and 18 karat are at Dh140.25 and Dh120.25 per gram, respectively.
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By 07:57 GMT, spot gold fell 0.2 percent to $ 1291.44 an ounce, but not far from its peak of $ 1297 an ounce on Friday, the highest level of precious metal since October 16.
Gold futures in December delivery fell 0.4 percent to $ 1291.20 an ounce.
The dollar index, which tracks the performance of the greenback against a basket of six major currencies, rose 0.2 percent as the euro faltered as German Chancellor Angela Merkel’s efforts to form a coalition government failed, raising concerns about the blurring of the political landscape in the euro zone’s biggest economy.
Among other precious metals, silver fell 0.8 percent to $ 17.16 an ounce, after climbing to a one-month high in the previous session.
Platinum fell 0.8 percent to $ 943.40 an ounce, down from a two-month high of $ 954.30 an ounce on Friday, while palladium rose 0.3 percent to $ 996 an ounce.