Spot gold climbed to $3,905.51 an ounce by 2 a.m. ET Monday as buyers returned after Friday’s selloff, with Gulf News reporting that Asian equity losses had eased and U.S. futures had turned higher.
The price was up 0.54%, Gulf News reported. The outlet also said Friday’s selloff brought bullion to a 12-month low and that gold had not fared this poorly in any month since 2008.
The reports give different figures for Friday’s drop: Gulf News put it at 3.7%, while an EconoTimes Friday market update reported a 3.19% session decline. The two reports do not explain the difference.
In Dubai, 24-karat gold rose to Dh470.25 a gram from Dh467 at the prior close, Gulf News reported. The outlet listed 22-karat gold at Dh435.50 a gram, 18-karat at Dh358 and 14-karat at Dh279.25.
Gulf News said bullion had faced pressure as investors sold gold to offset losses in artificial intelligence shares. Asian equity losses eased Monday, and U.S. futures moved higher. The Bloomberg Dollar Spot Index, which tracks the U.S. currency, rose 0.1%, the outlet reported.
Lower oil prices also eased inflation concerns for gold, according to Gulf News. Gulf News cited an Axios report that President Donald Trump wanted to extend diplomatic efforts before weighing a return to strikes against Iran. The outlet said a decision was expected after Tuesday’s midterm elections.
Ahmad Assiri, a research strategist at Pepperstone, kept a bearish view on gold for a 10th straight week, Gulf News reported. He cited yields and the dollar as important influences, and said prices below $4,000 leave gold exposed to economic data that could strengthen expectations of tighter monetary policy.
