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Dubai Gold Prices Dive: Dh10 per Gram within 24 Hours

Gold prices experienced a significant decline in the UAE markets on Tuesday, with a drop of more than Dh10 per gram within 24 hours. According to data from the Dubai Jewellery Group, the 24K variant of gold decreased by Dh4 per gram on Monday morning, trading at Dh279.25 per gram on Tuesday, compared to Dh283.25 per gram at Monday's market close. This single-day decline added to Monday's loss of Dh6.25 per gram, totaling a drop of Dh10.25 per gram since the beginning of Monday.

Other variants of gold also saw decreases, with the 22K opening at Dh258.5, 21K at Dh250.25, and 18K at Dh214.5 per gram.

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At 9:05 am UAE time on Tuesday, spot gold prices were down by 1.19% at $2,305.84 per ounce. This decline was attributed to investors booking profits following a strong rally witnessed over the past few months and easing concerns regarding escalation in the Middle East region.

Vijay Valecha, Chief Investment Officer at Century Financial, explained that the decline in gold prices was due to easing geopolitical tensions in the Middle East. He noted that despite a 5-week rally, which marked the longest winning streak in over a year, demand for the precious metal moderated after the Iranian regime downplayed Israel’s counterattack and did not signal retribution.

Valecha also highlighted that market attention has shifted to the economic calendar, particularly focusing on the US Federal Reserve’s preferred inflation gauge, the PCE Price Index report, expected to be released on Friday. Analysts anticipate a slight uptick in March’s reading, which could typically signal a bearish trend for gold. However, despite such prospects, gold prices have seen a significant increase of nearly 15% this year, attributed to haven demand, central bank purchases, and a revival in demand from Asia.

April 23, 2024 12:22 p.m. 4314

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