Dubai’s Gold Prices fall Below Dh600 Per Gram, with a 24-Hour Loss of Dh11
The yellow metal fell below $5,000 on Friday morning, nearly hitting a one-week low, as gold prices in Dubai fell below Dh600 per gram. The price of 24K gold dropped Dh11 per gram in a day, from Dh610.75 per gram on Thursday morning to Dh599.75 per gram at the start of the Dubai markets on Friday.
The other yellow metal varieties, 22K, 21K, 18K, and 14K, all traded at Dh555.25, Dh532.5, Dh456.5, and Dh356.0 per gram, respectively, following the market trend. At $4,977.92 an ounce, spot gold has recovered from a low of almost a week ago. At 9.15 am UAE time, it had increased by 1%.
As selling pressure increased following a crash in stocks, gold fell almost 3% to a low of almost one week on Thursday, breaking below the $5,000-an-ounce critical support. Following strong jobs data that lowered expectations of rate cuts, investors are awaiting important US inflation data to provide clues on the future of interest rates. Markets were pleasantly surprised by the US figure released Thursday, which showed 130,000 additions in January, versus the 70,000 expected.
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