Gold slips again as stocks bounce back

The Pak Banker - - BUSINESS -

DUBAI: Gold failed to main­tain its early gains for the third day this week as the global mar­kets started to bounce back from "Black Mon­day".

Spot gold dropped fur­ther 0.4 per cent at $1,135.26 an ounce as of 0609 GMT, com­pared to $1,149 on Au­gust 25. With the de­cline, re­tail prices in Dubai slipped fur­ther to Dh137 per gram for 24 carat, Dh130.25 for 22 carat, Dh124.75 for 21 carat and Dh108 for 18 carat, ac­cord­ing to the rates sug­gested by the Dubai Gold and Jew­ellery Group. An­a­lysts had ear­lier pre­dicted that the prices are ex­pected to de­cline fur­ther. Karim Mer­chant, group CEO and man­ag­ing di­rec­tor of Pure Gold Jew­ellers in Dubai, said that gold is on track to stay around $900 to $1,100 this year.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.