UAE Gold Prices Ease Amid Global Trends
Uroosa Ahsan 
There’s been a surprising change in gold prices in the UAE…
In a stunning change, gold prices in the UAE somewhat decreased in line with a global decline in rates as Middle East tensions eased. The Dubai Jewellery Group reports that 24K gold was trading for Dh281.75 per gram at the start of Wednesday’s markets, down from Dh282 per gram on Tuesday. Other variations were also affected; the corresponding market prices for 22K, 21K, and 18K were Dh260.75, Dh252.5, and Dh216.5 per gram, respectively.
Spot gold was trading at $2,326.76 an ounce at 9:05 a.m. UAE time, a slight increase of 0.13 percent. This week’s two-day drop in gold prices coincides with a collective sigh of relief among investors worldwide as worries about the Middle East crisis started to diminish.
According to Vijay Valecha, the chief investment officer of Century Financial, one reason for the decrease in gold prices was a reduction in the ‘war risk premium’ affecting the markets. This reduced the ‘war risk premium’ affecting the markets. Valecha also mentioned that gold’s demand is still strong due to Chinese consumers and central banks buying it. However, future changes in gold prices could be influenced by geopolitical events and economic indicators.
