emirates7 - Gold prices continued to decline in Dubai on Thursday morning, shedding nearly Dh10 per gram over the past 24 hours as global gold rates slipped below $3,200 per ounce.
According to Dubai Jewellery Group, 24K gold was priced at Dh378.5 per gram on Thursday morning, dropping from Dh388.25 the previous day—a decrease of Dh9.55 in 24 hours.
Other gold categories also saw similar declines. The price of 22K gold fell to Dh350.5 per gram, down Dh9.25 from Wednesday. Meanwhile, 21K and 18K gold opened lower at Dh336.5 and Dh288 per gram, respectively.
On the global front, spot gold was trading at $3,193.34 per ounce, marking a 1.5% drop. The metal reached its lowest level in over a month as markets awaited key U.S. economic data expected to influence the Federal Reserve’s next monetary policy moves. Additionally, easing trade tensions between the U.S. and China reduced investor interest in safe-haven assets like gold.
Earlier in the week, the U.S. and China agreed to cut tariffs and implemented a 90-day pause in escalating their trade conflict, offering some relief. However, uncertainty lingers over what will happen once the truce period ends.
Brian Lan, managing director of GoldSilver Central, suggested that gold may fall to $3,150, and if that level doesn't hold, it could further to $3,100.
According to Dubai Jewellery Group, 24K gold was priced at Dh378.5 per gram on Thursday morning, dropping from Dh388.25 the previous day—a decrease of Dh9.55 in 24 hours.
Other gold categories also saw similar declines. The price of 22K gold fell to Dh350.5 per gram, down Dh9.25 from Wednesday. Meanwhile, 21K and 18K gold opened lower at Dh336.5 and Dh288 per gram, respectively.
On the global front, spot gold was trading at $3,193.34 per ounce, marking a 1.5% drop. The metal reached its lowest level in over a month as markets awaited key U.S. economic data expected to influence the Federal Reserve’s next monetary policy moves. Additionally, easing trade tensions between the U.S. and China reduced investor interest in safe-haven assets like gold.
Earlier in the week, the U.S. and China agreed to cut tariffs and implemented a 90-day pause in escalating their trade conflict, offering some relief. However, uncertainty lingers over what will happen once the truce period ends.
Brian Lan, managing director of GoldSilver Central, suggested that gold may fall to $3,150, and if that level doesn't hold, it could further to $3,100.