Dubai’s Gold Prices Drop After 9-Month High
After reaching a nine-month high yesterday, gold prices in Dubai have finally started to decline. This decrease is in line with the US Federal Reserve‘s assumption that interest rate increases would slow down.
Gold’s spot price as of 9:30 AM (UAE time) was $1,927 per ounce. According to figures from the Dubai Jewelry Group, 24K gold is currently trading for AED 233.75 per gramme, down from AED 234 on Tuesday.
As opposed to this, the opening prices for 22K, 21K, and 18K gold were AED216.5, AED209.5, and AED 179.5 per gram, respectively. According to Edward Moya, a senior market analyst at Oanda, although gold prices are still high, they are unstable due to fears about the economy.
In contrast, gold prices have risen to an all-time high in Pakistani markets during the past 24 hours as international rates regained some of the optimistic momentum from last week when the US Dollar declined in the international markets.
On Tuesday, the price of gold increased by around Rs. 1,150 per tola in the Pakistani market, with average prices hitting Rs. 189,300 per tola. A 10-gram piece of gold now costs Rs. 162,294 after an increase of Rs. 986.
Dubai’s Gold Prices Drop After 9-Month High.
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