It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
Gold prices in Dubai and worldwide continued to decline on Wednesday, losing nearly two per cent, as investors remained focused on high-yield US Treasury.
In Dubai, 24K retail gold price fell from Dh207 per gram on Tuesday morning to Dh203.50 on Wednesday morning; while 22K price dropped from Dh194.5 to Dh191.25; 21K price slipped from Dh185.5 to Dh182.5; and 21K price hit Dh156.25 today as against Dh159 yesterday.
As a result of drop in prices of precious metals, UAE residents — especially Indian and Chinse expatriates — have been rushing to buying gold.
Shamlal Ahamed, managing director for international operations at Malabar Gold & Diamonds, said they are seeing a big increase in customer footfall as residents are taking advantage of the recent drop in prices and buying gold.
Globally, spot gold price fell below $1,700 an ounce, dropping 1.93 per cent, or $33 to $1,679.15 an ounce at around 9.10am UAE time.
Analysts said faster-than-expected growth in China's factory activity weighed on the metal's safe-haven appeal, while a surge in US Treasury yields added further pressure.
waheedabbas@khaleejtimes.com
It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
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