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Dubai: Gold prices plunge nearly Dh5 per gram

Dubai - 24K price falls from Dh225.25 on Wednesday to Dh220.5 per gram on Thursday

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Dubai – Gold prices in Dubai and worldwide plunged on Thursday morning but recovered slightly later after US Federal Reserve said interest rates could be raised sooner than expected.

Spot gold prices fell from $1,850 an ounce on Wednesday morning to $1,819.67 on Thursday morning.

In the UAE, gold prices fell nearly Dh5 per gram at the opening of the market on Thursday morning.

The Dubai Gold and Jewellery Group data showed 24K price falling from Dh225.25 on Wednesday morning to Dh220.5 per gram on Thursday morning.

Among the other variants of the precious metal, 22K price fell from Dh212.25 to Dh207.25; 21K dropped from Dh202.5 to Dh197.75; and 18K slipped from Dh173 to Dh169.5.

“Gold was crushed overnight by a more hawkish Fed. It has staged a modest recovery in Asia but the rally looks more like speculative dip buying and fast money short-covering, than a vote of confidence in the yellow metal,” Jeffrey Halley, senior market analyst at OANDA, Reuters.

“The recovery in gold should be approached with caution as we have yet to see how a change in tone from the Fed will fully play out in markets. Gold’s daily close below $1,797.50 will signal a deeper correction is in prospect.”

The Fed on Wednesday began closing the door on its pandemic-driven monetary policy with 11 out of 18 Fed officials projecting at least two quarter-point interest rate increases for 2023.

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