Gold Prices in Dubai Continue to Decline, Dropping Nearly Dh8 in a Day

Gold prices in Dubai experienced a significant drop on Friday evening, falling nearly Dh8 per gram within a single day. The 24K gold was selling at Dh290.75 per gram, down from Dh298.5 per gram at the market's close, a decrease of Dh7.75 per gram.

Current Gold Prices in Dubai

24K Gold: Dh290.75 per gram
22K Gold: Dh269.25 per gram
21K Gold: Dh260.75 per gram
18K Gold: Dh223.5 per gram

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Global Gold Market Trends

Globally, spot gold prices fell to $2,406 per ounce on Friday, down 1.46% due to profit-taking after a strong rally over the past few weeks. The price of gold dipped below $2,400 per ounce early in the day before slightly recovering later.

Gold's Performance in 2024

Gold has shown impressive performance in 2024, outperforming most major asset classes. Its strong performance can be attributed to several factors:

• Continued central bank purchases
• Increased investment flows from Asia
• Steady consumer demand
• Ongoing geopolitical uncertainties

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Outlook and Risks

According to the World Gold Council, the future of gold prices could be influenced by various factors:

Catalysts for Growth: Falling interest rates in developed markets, attracting Western investment flows, and sustained support from global investors hedging against risks in a complacent equity market and ongoing geopolitical tensions.
Potential Risks: A significant decline in central bank demand or widespread profit-taking by Asian investors could negatively impact gold's performance.Explore More

News Source:- khaleejtimes.com