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Dubai: Gold prices drop after strong gains earlier this week

Spot gold lost 1.4 per cent at $2,680.60 per ounce at 8 pm UAE time on Thursday due to profit-taking

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KT Photo: Shihab
by

Waheed Abbas

Published: Fri 13 Dec 2024, 9:47 AM

Gold prices dropped in Dubai in early trade on Friday as profit-taking pushed precious metal prices lower globally.

According to Dubai Jewellery Group data, the 24K variant of the yellow metal fell Dh1 per gram to Dh325.5 per gram. The 22K, 21K and 18K variants opened lower at Dh301.25, Dh291.75, and Dh250.0 per gram, respectively.

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Globally, spot gold was steady at $2,685.9 per ounce. It fell below $2,700 on Thursday evening due to profit-taking after a three-day rally.

Spot gold lost 1.4 per cent at $2,680.60 per ounce at 8 pm UAE time on Thursday due to profit-taking.

According to the World Gold Council, the yellow metal is poised for its best annual performance in more than a decade — up 28 per cent through November. Behind this, central bank and investor buying have more than offset a notable deceleration in consumer demand.

“As we look forward, all eyes are focused on what Trump’s second term may mean for the global economy. Current expectations for GDP, yields and inflation suggest positive but much more modest growth for gold in 2025. The upside can come from much lower rates, rising volatility or continued above-average central bank gold demand. Conversely, higher for longer rates or faltering gold consumer demand can bring headwinds,” said the World Gold Council.

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Waheed Abbas

Published: Fri 13 Dec 2024, 9:47 AM

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