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Dubai: Gold prices plunge Dh10 per gram; 22K drops below Dh299 per gram

Globally, gold was trading at $2,657.52 per ounce, down 0.38 per cent at 9.10am UAE time, hitting more than a three-week low on Thursday

Published: Thu 7 Nov 2024, 9:32 AM

Updated: Thu 7 Nov 2024, 9:45 AM

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Gold prices inched higher in Dubai on Thursday morning after plunging nearly Dh10 per gram since Monday night as global rates plunged after the US dollar rallied due to Donald Trump’s victory in the elections.

The 24K variant of the yellow metal opened Dh0.25 per gram higher at Dh322.75 at the opening of the markets in Dubai on Thursday after losing nearly Dh7 per gram on Wednesday. It is down by nearly Dh10 per gram from this week’s peak of Dh332.5 per gram recorded at the close of the markets on Monday.

Among the other variants, 22K, 21K and 18K were trading at Dh298.75, Dh289.25 and Dh248.0 per gram, respectively.

Globally, gold was trading at $2,657.52 per ounce, down 0.38 per cent at 9.10am UAE time, hitting more than a three-week low on Thursday.

Samer Hasn, senior market analyst at XS.com, said gold has retreated significantly, falling below $2,700 per ounce on Wednesday in spot trading at the peak of the declines, erasing November’s gains.

Bas Kooijman, CEO and asset manager of DHF Capital, said with the greenback continuing its upward momentum, gold could face downside risks over the near term.

“Donald Trump's victory in the presidential race pushing the dollar to the upside. Trump celebrated with his running mate, Senator JD Vance, and his family, while also gaining broad support. Although Republicans secured a Senate majority, the House remains in contention,” he said.

“The uncertainty surrounding trade policies and geopolitical tensions under Trump contributed to fears of disruptions in European trade. As a result, the euro’s near-term outlook could remain bearish, with traders cautious about the potential negative impact on the region’s economic prospects under new US policies,” he added.

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