Gold Price Rate in Dubai – Gold prices in the UAE dropped of over Dh10 per gram within the last 24 hours.

Gold Price Rate Today in Dubai

Gold Price Rate in Dubai: Gold prices in the UAE dropped further at the start of trading on Tuesday, experiencing a decrease of over Dh10 per gram within the last 24 hours.

Data from the Dubai Jewellery Group revealed that the 24K variant of gold saw a decline of Dh4 per gram on Monday morning, trading at Dh279.25 per gram on Tuesday compared to Dh283.25 per gram at the previous day’s market close. This variant had lost Dh6.25 per gram on Monday alone, resulting in a total drop of Dh10.25 per gram since the start of Monday.

In addition to the 24K variant, other gold variants also saw declines, with 22K opening at Dh258.5 per gram, 21K at Dh250.25 per gram, and 18K at Dh214.5 per gram.

At 9:05 am UAE time on Tuesday, spot gold experienced a decrease of 1.19 per cent, trading at $2,305.84 per ounce. This decline was attributed to investors taking profits following a strong rally witnessed in recent months, as well as easing concerns regarding escalation in the Middle East region.

Vijay Valecha, Chief Investment Officer at Century Financial, noted that gold retreated as geopolitical tensions in the Middle East subsided. He highlighted a 5-week rally in gold, its longest winning streak in over a year, and mentioned that demand for the precious metal as a safe haven moderated after the Iranian regime downplayed Israel’s counterattack.

Valecha further mentioned that market focus had shifted to economic indicators, particularly the upcoming release of the US Federal Reserve’s preferred inflation gauge, the PCE Price Index report, scheduled for Friday. Analysts anticipate a slight increase in March’s reading to 2.6 per cent from February’s growth rate of 2.5 per cent. This could potentially signal bearish sentiment for gold, although its prices have risen by nearly 15 per cent this year despite expectations of a delayed Fed pivot to rate cuts. Gold prices have remained resilient despite a stronger US dollar and higher treasury yields due to haven demand, central bank purchases, and increased demand from Asia.