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UAE: Gold prices drop further, losing Dh5 per gram so far this week

Globally, spot gold dropped to $2,609.24 per ounce, down nearly one per cent

Published: Thu 19 Dec 2024, 9:28 AM

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KT Photo: Shihab

KT Photo: Shihab

Gold prices fell to nearly a month low in Dubai on Thursday as yellow metal lost more than two per cent as the US Federal Reserve signalled a slowdown in rate cuts in 2025, slipping below $2,600 an ounce.

At 9am UAE time, the 24K variant of the precious metal fell from Dh316.5 per gram on Wednesday evening to Dh315.75 per gram at the opening of the markets on Thursday. The price has fallen Dh5 per gram so far this week.

Similarly, 22K, 21K and 18K also opened lower at Dh292.5, Dh283 and Dh242.75 per gram, respectively.

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Globally, spot gold dropped to $2,609.24 per ounce, down nearly one per cent. The yellow dropped to $2,589 before recovering back to just over $2,600 per ounce.

[Editor's Note: For real-time gold rates, click widget below or visit KT's dedicated Trading News page here.]

The US Federal Reserve on Wednesday cut rates by 25 basis points. The US central bank hinted at two quarter-percentage-point rate cuts in 2025. Investors are opting for a wait-and-watch approach ahead of US president-elect Donald Trump's return to the White House next month.

Bas Kooijman, CEO and asset manager of DHF Capital, said the attention has turned to the outlook for next year’s interest rate trajectory.

“On a global scale, monetary policy decisions in the UK and Japan could affect the market. Additionally, gold could gain further upside momentum as strong central bank demand continues to support its performance,” he added.

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