UAE: Gold prices drop in Dubai, as 24K trades below Dh222 per gram

Web report/Dubai
Filed on May 12, 2021
Reuters file photo

Precious yellow metal eases on a stronger dollar, US Treasury yields

Gold prices fell in Dubai on Wednesday morning in line with a drop in global rates due to a rise in US Treasury yields and a stronger dollar.

Spot gold was down 0.33 per cent or $6.0 an ounce at $1,829.65 per ounce by 9.15am UAE time.

In the UAE, 24K retail price fell by a dirham to Dh221.75 per gram on Wednesday morning, while 22K, 21K, and 18K gold prices declined to Dh208.25, Dh198.75, and Dh170.25 per gram, respectively.

Investors await US consumer price index data (CPI) due later on Wednesday (May 12), which will set the direction for the precious metal.

Naeem Aslam, the chief market analyst at AVATrade, said in the commodity market, traders are focused on risk-off and safe-haven assets such as gold.

“Speaking from a technical price perspective, the gold price is currently in a battle with the 200-day simple moving average on the daily timeframe,” he said.

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