Gold Prices Drop in UAE After Reaching Highest Ever
Uroosa Ahsan 
Amidst record-breaking highs, gold prices in the UAE take a surprising plunge…
Gold prices in the UAE went down by Dh2 per gram when the market opened on Friday. This happened after prices reached a record high. The most valuable type of gold (24K) was being traded at Dh263 per gram on Friday morning. That’s a drop from Dh265.25 at the end of trading on Thursday.
Other types of gold also saw their prices fall, with 22K, 21K and 18K opening lower at Dh243.50, Dh235.75 and Dh202 per gram, respectively.
The price of gold shot up by $5 per gram on Wednesday after the US Federal Reserve decided not to change interest rates. This made the US dollar weaker. However, by Friday, the dollar had strengthened again, causing the price of gold to fall. Spot gold, which is traded immediately, dropped by 0.41% to $2,172.78 per ounce on Friday morning.
Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, noted that gold went back down from its highest price ever after the Fed made its decision. Daniel Takieddine, who runs BDSwiss in the Middle East and North Africa, thinks that central banks buying gold could keep its price stable. He said they’ve been buying a lot lately, and this might keep happening before interest rates change.