UAE: Gold Prices Fall From An All-Time High, Lose Over Dh2 Per Gram
(MENAFN- Khaleej Times)
Gold prices in the UAE plunged from an all-time high at the opening of the markets on the first day of the week, losing over Dh2 per gram as the global price dropped below $2,800 per ounce.
At 9am UAE time, prices of 24K and 22K variants of the yellow metal fell Dh2.25 to Dh336.75 and Dh311.75 per gram, respectively. Similarly, 21K and 18K also opened lower at Dh301.75 and Dh258.75 per gram, respectively.
Spot Gold was trading at $2,780.89 per ounce, down 0.63 per cent, as the US dollar climbed on US President Donald Trump's tariffs policy . The yellow metal fell more than 1 per cent earlier in the day.
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It crossed an all-time high and key psychological barrier of $2,800 per ounce last week due to uncertainty around US policy of tariffs, and further drop in interest rates, reaching $2,817.23 on Friday.
The US dollar index hovered near a three-week peak, making greenback-priced gold more expensive for foreign buyers.
On Saturday, the US president imposed 25 per cent tariffs on imports from Canada and Mexico and 10 per cent on goods from China starting on Tuesday.
Tim Waterer, chief market analyst at KCM Trade, said markets were rattled about the tariff dramas and demand for safe-haven assets such as gold could look to limit the immediate downside.
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