Published date: Monday, August 19, 2024 at 9:28 AM
Last updated: Monday, August 19, 2024 at 11:25 AM
Gold prices in the UAE fell by 1 dirham per gram on the first trading day of the week after hitting an all-time high of over 300 dirhams per gram over the weekend.
In the UAE, the 24K precious metal was trading at 302.75 dirhams per gram on Monday morning, down 1 dirham from last week’s closing price. The precious metal hit an all-time high in the country on Saturday, hitting 303.75 dirhams per gram.
Other varieties – 22K, 21K and 18K – were traded at 280.25 dirhams, 271.5 dirhams and 232.75 dirhams per gram respectively.
Stay updated with the latest news, follow KT on our WhatsApp channel.
Globally, spot gold was down 0.2% to trade at $2,500.99 per ounce as of 9:10 a.m. UAE time.
The rise in gold prices is primarily driven by expectations that the US Federal Reserve will cut interest rates in September and geopolitical uncertainty in the Middle East.
Lei Jia, head of China research at the World Gold Council, said gold prices were being supported by rising expectations that the Federal Reserve will cut interest rates in September, which has led to lower Treasury yields and the dollar, as well as increased demand for the metal as a safe haven in many areas.
Emirates NBD Research said gold prices topped the $2,500 per ounce mark for the first time on Friday but fell back below that level in morning trading, although prices are still up about 21% since the start of the year.
See also: