Gold prices fall as some stocks re­bound

The Pak Banker - - 6BUSINESS -

DUBAI: Dubai's gold re­tail prices con­tin­ued to fall early Tues­day as some global stocks re­bounded and the US dol­lar re­cov­ered. The price of spot gold fell 0.5 per cent at $1,149 an ounce as of 0701 GMT, com­pared to $1,153.20 on Mon­day. In Dubai, re­tail gold prices slipped fur­ther to Dh139.25 (24K), Dh132.50 (22K), and Dh127 (21K), shed­ding off a lit­tle over a dirham per gram from Sun­day's prices. Many in­vestors are still on edge as the down­trend in China con­tin­ues, with the Chi­nese stocks fall­ing more than seven per cent on Tues­day. The rout in eq­ui­ties is send­ing in­vestors to safe haven as­set classes, in­clud­ing gold. If the down­trend con­tin­ues, the price of gold is ex­pected to climb.

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