Gold hit its lowest in one month after it fell for the seventh straight session on Monday, November 12, as the US dollar continues to rise.
Spot gold shrank to $1,206.22 per ounce lower than the previous one-month low of $1,203.36 per ounce, reported Reuters.
“The main driver has been some renewed dollar strengthening… due to political uncertainty in UK and Italy,” said Saxo Bank analyst Ole Hansen.
“Gold is facing a bit of an uphill struggle due to the dollar strength,” he added.
Gold prices in the UAE
According to Dubai Gold and Jewellery Group, 24K gold is currently priced at Dh145.75 per gram while 22K, 21K, and 18K gold are priced at Dh137, Dh130.75, and Dh112, respectively.
The prices vary depending on the purity of gold and the market it is traded in.
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