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Gold prices in Dubai continue to fall, dropping nearly Dh8 in a day

Globally, spot gold prices fell to $2,406 per ounce on Friday, down 1.46 per cent, due to profit-taking after a strong rally in the past few weeks

Published: Fri 19 Jul 2024, 7:49 PM

Updated: Sun 21 Jul 2024, 12:25 PM

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Photo: AFP

Photo: AFP

Gold prices plunged further in Dubai on Friday evening, falling nearly Dh8 per gram in a day.

The 24K was selling for Dh290.75 per gram compared to Dh298.5 per gram at the close of the markets, down Dh7.75 per gram.

Among the other variants, 22K, 21K and 18K were trading at Dh269.25, Dh260.75 and Dh223.5 per gram, respectively.

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Globally, spot gold prices fell to $2,406 per ounce on Friday, down 1.46 per cent, due to profit-taking after a strong rally in the past few weeks.

The yellow metal fell below $2,400 per ounce early in the day before recovering slightly later.

Gold has performed remarkably well in 2024, outpacing most major asset classes. Gold has benefited from continued central bank buying, Asian investment flows, resilient consumer demand, and a steady drumbeat of geopolitical uncertainty.

“For gold, we believe the catalyst could come from falling rates in developed markets, that attract Western investment flows, as well as continued support from global investors looking to hedge bubbling risks amid a complacent equity market and persistent geopolitical tensions. Gold’s outlook is, of course, not without risks. A sizeable drop in central bank demand or widespread profit-taking from Asian investors could curtail its performance,” the World Gold Council said in a study.

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