Gold Prices Fall From An All-Time High, Lose Over Dh2 Per Gram

Prices of gold in the UAE have declined after reaching a record high. The buyers now breathe a sigh of relief, as it has been priced at Dh2 or more per gram, making it a great opportunity for those planning to buy gold. The latest updates have revealed that 24K gold is now sold at Dh238.50 per gram, as against the peak of Dh240.75. Similarly, prices of 22K, 21K, and 18K gold have also decreased a bit.

This is the most recent decline that gold prices experienced after weeks of successive increases spurred by global market trends. Contributing factors were the inflation rate, interest rates, and political tensions that triggered high prices of gold. With the strengthening of the US dollar and hints about stable economic conditions, the pressure to buy more gold has receded, concluding in these latest price reductions.

Some jewelry shop owners have said that interest from customers has increased after the dip in price. Many buyers as well are taking advantage of this and are trying to grab the gold as and when it becomes handy for usage as an investment. According to one gold souk shop owner in Dubai, “We are getting more customers coming in asking us about current prices. Any time the price of gold goes down; it is a positive factor that increases sales.

This process might continue further, and gold prices may move up and down according to what happens in the global markets. The experts claim that they should view the trend and buy it when the rates favor them. This small decrease in the gold rate has been a blessing for the gold buyers in the UAE.