Dubai: Gold Prices Decline Nearly Dh23 in Three Days
Dubai – Gold prices in Dubai have experienced a significant decline, falling nearly Dh23 per gram over the past three days.
As of Friday, the price for 24K gold was trading at Dh397.25 per gram, while 22K, 21K, and 18K gold were priced at Dh367.75, Dh352.75, and Dh302.25 per gram, respectively.
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This drop follows a record high of Dh420 per gram earlier in the week, coinciding with global trends in precious metals following news that China may exempt certain US goods from tariffs.
The global price of gold was reported at $3,306.97 per ounce during midday trading, having previously slipped below $3,300 earlier in the session.
Vijay Valecha, Chief Investment Officer at Century Financial, noted that expectations of monetary easing and a weakening US Dollar have contributed to gold’s recent fluctuations.
Despite ongoing uncertainties surrounding US-China trade relations, the easing monetary policy appears to be supporting gold prices in the current market.
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Khaleej Times
