Muscat: Gold prices fell on Sunday: Gold prices fell on Sunday, affected by profit-taking after the sharp rise in the previous session following the release of weaker-than-expected US jobs data, which reinforced expectations of a Federal Reserve interest rate cut in September.
According to Yemen News Agency, spot gold fell about 0.3 percent to $3,351.80 per ounce, having risen more than 2 percent on Friday. The decline was attributed to investors taking profits after the substantial gains made in the previous session.
US gold futures, however, saw a slight increase of about 0.2 percent to $3,404.80. This movement in the futures market indicates differing strategies among investors, with some expecting further gains in the near future.
The dollar index fell 0.5 percent against a basket of major currencies, making gold more attractive to holders of other currencies. The weakening of the dollar typically boosts gold prices as it becomes less expensive for investors holding other currencies.