Gold prices in Dubai dropped significantly on Friday, dropping almost Dh8 per gram as the precious metal dropped below $4,000 per ounce, which is good news for UAE consumers who intend to purchase jewelry right now.
The price of 24K was Dh478.25 per gram on Friday morning, while the price of 22K was Dh442.75 per gram. On Thursday night, the price of the yellow metal in the 22K form was above Dh450. 21K and 18K, two of the other varieties, also fell to Dh424.25 and Dh363.75 per gram, respectively.
According to Rania Gule, senior market analyst for Mena at xs.com, gold seems to be going through a sensitive phase where it must balance short-term profit-taking pressures with long-term positive momentum at a time when global markets are tense due to impending US financial data.
Gold is on track for its eighth straight weekly increase, indicating that investors are still confident in the demand for safe-haven assets despite the instability in US monetary policy. This bodes well for the precious metal’s medium-term prospects. Within the larger upward channel that has lasted since the third quarter of the year, buyers have demonstrated incredible tenacity in defending support around $3,946. This indicates that any current pullbacks still fall within the bounds of natural corrections, the analyst added.
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