Gold prices in the UAE decreased by Dh1 per gram on the initial trading day of the week, following a record-breaking peak over the weekend, exceeding Dh300 per gram. On Monday morning, the 24K gold was trading at Dh302.75 per gram, a Dh1 reduction from the previous week's closing price. The metal reached a historic high in the country on Saturday, with prices soaring to Dh303.75 per gram. Other variants, including 22K, 21K, and 18K, were trading at Dh280.25, Dh271.5, and Dh232.75 per gram, respectively.
Internationally, spot gold was trading at $2,500.99 per ounce, a 0.2 percent decrease at 9.10am UAE time. The surge in gold prices has primarily been fueled by anticipated interest rate cuts by the US Federal Reserve in September and geopolitical tensions in the Middle East. Ray Jia, research head for China at the World Gold Council, noted that gold prices have been bolstered by heightened expectations of a rate cut by the US Fed in September, which has weakened US Treasury yields and the dollar, along with increasing demand for safe-haven assets on multiple fronts.
Emirates NBD Research reported that gold surpassed the $2,500 per ounce mark for the first time on Friday, but has since retreated below that level in morning trading, although prices remain up by approximately 21 percent year-to-date.
