Experts split on gold price outlook for this week – gulfnews.com

Dubai: Gold continued to show some weakness, losing about 0.9 per cent in value over a period of seven days, but experts are uncertain as to where the yellow precious metal is headed this week.

As of Sunday morning, the metal’s retail price stood at Dh136 per gram for 24-carat, down 0.9 per cent from 137.25 a week earlier.  The price for 22K gold dropped from Dh130.50 to Dh129.25, while 21K stood at Dh124 and 18K at Dh107.25.

Kitco has recently polled gold dealers, investment bankers, futures traders and technical-chart analysts to gauge the overall sentiment of market professionals on the precious metal.

The survey results, posted on kitco.com, showed that nearly half of those who responded (47 per cent) said they expect the bullion to post price increases this week. However, about a third (29 per cent) said prices are likely to drop, while about 24 per cent opted to remain neutral.

Gold’s spot price stood at $1,122.80 as of New York closing on Friday, September 4, down 1.1 per cent from a week earlier, as the US Labour Department issued the latest employment data.

Unemployment rate edged down 5.1 per cent in August and the total non-farm payroll jobs rose by 173,000 during the same period, according to the US Bureau of Labour Statistics on Friday. The number of jobless persons dropped to 8 million.

The decline in joblessness in the United States is further fueling expectations of a rate hike, which is seen to impact gold prices.

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