United Arab Emirates Gold price today: Gold falls, according to FXStreet data

Gold prices fell in United Arab Emirates on Tuesday, according to data compiled by FXStreet.

The price for Gold stood at 393.28 United Arab Emirates Dirhams (AED) per gram, down compared with the AED 394.02 it cost on Monday.

The price for Gold decreased to AED 4,587.12 per tola from AED 4,595.75 per tola a day earlier.

FXStreet calculates

Daily digest market movers: Gold price on the backfoot as US yields jump

• Gold price uptrend remains stalled due to high US Treasury yields. The US 10-year Treasury bond yield rises four basis points to 4.389%. US real yields are also up four bps at 2.059%.

• The US Dollar Index (DXY), which tracks the Greenback's performance against a basket of currencies, surged 0.59% to 97.55, closing in on 97.66, the highest level in the last eight days.

• Last week, the US jobs report added 147K, slightly above expectations of 110K and up from May's revised figure of 144,000. The Unemployment Rate declined to 4.1% from 4.2%, backing Fed Chair Jerome Powell's cautious, wait-and-see approach as the Fed tracks the potential inflationary impact of trade tariffs.

• The People's Bank of China (BoC) revealed that it has added 70,000 tonnes, meaning that the central bank's Gold reserves increased by 1.1 million since purchases resumed last November.

• The Bank of America revealed that central banks adding Gold reserves reduce their dependence on the US Dollar, and it is a hedge against inflation and economic uncertainty. Therefore, further upside for Gold is expected.

FXStreet calculates Gold prices in United Arab Emirates by adapting international prices (USD/AED) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.

(An automation tool was used in creating this post.)