Connect with us

Business Insights

Gold Prices Dip by Dh1 per Gram in UAE on Monday

On Monday morning, 24K gold was trading at Dh239.0 per gramme, according to data from the Dubai Jewellery Group.

On the first trading day of the week, gold prices in the UAE saw a slight dip of Dh1 per gram. 

According to data from the Dubai Jewellery Group, 24K gold was trading at Dh239.0 per gram on Monday morning, reaching the previous week’s closing price of Dh240.0 per gram.

Other Gold Karats:

In addition to 24K gold, other gold karats opened lower on Monday. Here are the respective prices per gram:

  • 22K: Dh221.25
  • 21K: Dh214.25
  • 18K: Dh183.5

Factors Influencing Gold Prices:

The decline in gold prices on Monday is attributed to several factors. Notably, spot gold dropped by 0.8 percent to $1,965.89 per ounce due to robust US Treasury yields, reducing demand for the precious metal. This drop comes ahead of key economic data releases later in the week.

Expert Analysis:

Experts have commented on the situation, with Daniel McCarthy, a strategist at dailyFX, suggesting that the geopolitical situation in the Middle East contributed to the recent rally in gold prices. 

However, fundamental factors like high bond yields and a strengthening US dollar could exert pressure on gold’s current trajectory, according to Alex Kuptsikevich, a senior market analyst at FxPro.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *