Gold prices in the UAE dropped by nearly Dh5 per gram to below Dh290 per gram at the start of trading on Thursday, following a three-day decline in global precious metal prices. The 24K variant of gold was trading at Dh287.25 per gram on Thursday morning, down by Dh4.75 per gram from the previous night's close of Dh292.0 per gram. Similarly, 22K, 21K, and 18K rates decreased to Dh266.0, Dh257.5, and Dh220.7 per gram, respectively.
Internationally, the price of gold stood at $2,373.01 per ounce, marking a 0.4% decrease at 9:10am UAE time after the US Federal Reserve minutes revealed inclinations to raise interest rates, resulting in a decline for the yellow metal.
Diego Colman, a contributing strategist at dailyFX, expressed his expectation of the precious metal reaching $2,360 after dropping below $2,375 per ounce. He emphasized the importance of defending the technical floor to prevent a deeper retrenchment, outlining potential price levels based on bullish or bearish investor behavior.
