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UAE: Gold prices drop further, open nearly Dh3 lower

Globally, the precious metal was trading at $2,334.6 per ounce at 9.25am UAE time

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by

Waheed Abbas

Published: Fri 24 May 2024, 9:51 AM

Gold prices fell further in the UAE on Friday, dropping by nearly Dh3 per gram at the opening of the markets.

The 24K variant of the yellow metal was down by Dh2.75 per gram, trading at Dh282.75 per gram, down from Dh285.5 per gram at the close of the markets on Thursday.

Likewise 22K, 21K and 18K also opened lower at Dh261.75, Dh253.5 and Dh217.25 per gram, respectively.

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Globally, the precious metal was trading at $2,334.6 per ounce at 9.25 am UAE time.

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The yellow metal is losing due to a US economic data which is stronger than expected, pushing US Treasury to yield higher, as well as lifting the US dollar also against most currencies.

“With the US economy performing exceptionally well and inflationary pressures proving more persistent than anticipated, the Federal Reserve is likely to maintain its restrictive policy stance for longer. This scenario of higher interest rates for longer could limit gold's upside potential in the near term, assuming risk aversion remains in check,” said Diego Colman, contributing strategist at dailyFX.

Investors have been advised to take a cautious and wait-and-watch approach as the commodity prices have been unpredictable due to multiple global factors.

The yellow rallied this year due to central banks’ buying and expectations of the US Federal Reserve lowering the interest rates.

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Waheed Abbas

Published: Fri 24 May 2024, 9:51 AM

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