Dubai: Gold prices plunge Dh6 per gram ahead of Eid Al Adha

Gold prices plunged nearly Dh6 per gram to fall below Dh400 per gram ahead of the Eid Al Adha festival.

At 9am on Thursday, 24k was trading at Dh394.0 per gram, down from Dh400.25 per gram on Wednesday evening.

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Similarly, 22-karat, 21-karat and 18-carat opened lower at Dh365.0, Dh349.75 and Dh300 per gram, respectively.

On Tuesday, the UAE’s moon sighting committee announced the sighting of the Dhul Hijjah crescent. This means the Day of Arafah will fall on June 5 and Eid Al Adha will begin on Friday, June 6.

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Spot gold fell to $3,267.34 per ounce, down 0.93 per cent, after the US court blocked most of the tariffs of President Donald Trump.

A panel of three judges at the US Court of International Trade in Manhattan issued a unanimous ruling on Wednesday, declaring Trump’s tariffs illegal. The court found that Trump wrongfully invoked emergency laws without an actual emergency.

“The court gave the Trump administration 10 days to ‘effectuate’ the order but did not specify how the tariffs should be unwound. The whole thing felt like four-year-olds were playing in a room and an adult finally stepped in to stop the chaos,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank

“Still, debt concerns aren’t going anywhere. A JP Morgan survey released Wednesday showed outright short positions on US Treasuries are at their highest levels since February. This is reportedly true across all client categories – central banks, sovereign wealth funds, real money accounts, and speculators – meaning pressure on yields will likely persist,” he said.

Waheed Abbas

waheedabbas@khaleejtimes.com

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.