Gold Prices in Dubai Continue Below Dh500 for the Second Straight Week
DUBAI — Gold prices in Dubai fell on Monday morning, with the precious metal continuing to trade below Dh500 per gram for the second consecutive week.
The 24K variant was trading at Dh489.75 per gram at market opening on August 3, down from Dh495.50 at Friday’s close. Other variants were trading at Dh453.50 for 22K, Dh435.00 for 21K, Dh372.75 for 18K, and Dh290.75 for 14K.
Globally, spot gold was trading at $4,064.34 per ounce, down 0.31 percent, while silver fell 0.39 percent to $58.35 per ounce.
Analysts noted the yellow metal is likely to remain under pressure, with higher energy prices increasing the likelihood that interest rates will stay higher for longer. Gold is down almost 25 percent from January highs.
According to Century Financial CIO Vijay Valecha, the metal has traded in a range of $3,945 to $4,160 over the past month. Markets are pricing an 84 percent probability of a rate hike by the end of the year, which is expected to increase pressure on non-yielding metals.
Also Read:
OpenAI Hacking Probe Reveals Possible AI Agent Containment Breach
Criminal Case Against Former Olympian Dropped by US Justice Department
