Gold Prices Plummet by Dh10 per Gram in Dubai Within 24 Hours

According to data from the Dubai Jewellery Group, the 24K variant of the precious metal lost Dh4 per gram from Monday morning, trading at Dh279.25 per gram on Tuesday, compared to Dh283.25 per gram at Monday's market close

In the wake of easing geopolitical tensions in the Middle East, gold prices witnessed a decline in the UAE markets on Tuesday, shedding more than Dh10 per gram over the past 24 hours. 

 

Advertisement

According to data from the Dubai Jewellery Group, the 24K variant of the precious metal lost Dh4 per gram from Monday morning, trading at Dh279.25 per gram on Tuesday, compared to Dh283.25 per gram at Monday’s market close. 

 

This marks a significant decrease, with the variant losing Dh6.25 per gram on Monday alone, culminating in a total drop of Dh10.25 per gram since the beginning of the week.

 

Among other variants, the 22K opened at Dh258.5, 21K at Dh250.25, and 18K at Dh214.5 per gram, reflecting a broader decline across different grades of gold.

 

Advertisement

At 9.05 am UAE time on Tuesday, spot gold was down 1.19% at $2,305.84 per ounce as investors opted to book profits following a robust rally witnessed over the past few months. The decline also comes amidst easing concerns of escalation in the Middle East region.

 

Commenting on the market movement, Vijay Valecha, Chief Investment Officer at Century Financial, noted that gold retraced its gains as geopolitical tensions in the Middle East eased. 

 

Valecha highlighted, “The bullion has enjoyed a 5-week rally – which marks its longest winning streak in over a year. Haven’s demand for the precious metal moderated after the Iranian regime downplayed Israel’s counterattack and did not signal retribution.”

 

With the focus shifting to economic indicators, attention now turns to the upcoming release of the US Federal Reserve’s preferred inflation gauge, the PCE Price Index report, scheduled for Friday. 

 

Analysts anticipate a slight uptick in March’s reading to 2.6% from February’s growth rate of 2.5%. This expectation, according to Valecha, could typically signal a bearish trend for gold. 

 

However, despite the prospect of a delayed Fed pivot to rate cuts, gold prices have surged nearly 15% as of Monday this year. 

 

This rise has occurred despite a stronger greenback and higher treasury yields, with the commodity buoyed by haven demand, central bank purchases, and a revival in demand from Asia.

 

The decline in gold prices in the UAE markets reflects a broader trend influenced by global economic indicators and geopolitical developments.

 

As investors continue to monitor market dynamics, including inflation data and geopolitical tensions, the trajectory of gold prices remains subject to fluctuation.

 

In summary, while gold prices in the UAE experienced a decline amid easing geopolitical tensions and profit-taking by investors, the market outlook remains influenced by a range of factors including economic data releases and global geopolitical developments.

 

This article was created using automation and was thoroughly edited and fact-checked by one of our editorial staff members

Tariq Saeed

Read More

Wounded Gazans Evacuated to UAE Cherish ‘Refuge City’ in Abu Dhabi

Titled "Oasis of Healing: Gazan Evacuees Find Refuge and Care in UAE's Humanitarian City," this article explores the remarkable journey of those who have found solace and support in the heart of Abu Dhabi

Etihad Airways of UAE to add three new destination

The national carrier of UAE, Etihad Airways, announced the addition of three more destinations on its list. Three new destinations where Ethiad will send flights are Dusseldorf (Germany), Copenhagen (Denmark), and Osaka (Japan).

Abu Dhabi Police Launch “Be Cautious” Campaign to Combat Cyber Fraud

The three-month “Be Cautious” campaign educates the public on emerging cyber threats, including phishing, fake prizes, fraudulent e-commerce, and investment scams, highlighting Abu Dhabi Police’s commitment to digital security and community protection

Recent

Dubai police arrests man for damaging hotel apartment

A resident of Dubai city was detained by the police authorities after he damaged and attempted to ignite a fire in the apartment of a hotel.

Ras Al Khaimah Police Increase Speed Limit on Al Watan Road to Enhance Traffic Flow

The decision to raise the speed limit follows meticulous evaluation and analysis conducted by traffic experts and road safety authorities. Factors such as road design, traffic volume, and accident history were taken into consideration to determine the feasibility and appropriateness of the adjustment

State Dept: US rejects call that Israeli view against Palestinian is apartheid

On Tuesday, the United States of America rejected the vision that Israeli actions against the residents of Palestine are apartheid, according to the State...
admin

Too Many Requests