iPhone | iPad
Android
Huawei
The application will be operational from Thursday, August 1
KT APPDOWNLOAD
UAE: Gold prices drop at the start of the week
Prices of the yellow metal had soared on Friday to surpass its levels in late April
Photo: Reuters file
Gold prices dropped half a dirham per gram at the opening of the markets in the UAE on Monday.
The Dubai Jewellery Group data showed 24K trading at Dh285.25 per gram at 9 am on Monday as against Dh285.75 per gram over the weekend.
Among the other variants, 22K, 21K and 18K also opened lower at Dh264.0, Dh255.75 and Dh219.25 per gram, respectively.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Gold prices had soared on Friday to surpass their levels in late April.
George Khoury, global head of education and research at CFI, said the market regained part of the losses on Friday recorded during the latest price corrections, buoyed by renewed optimism for potential Federal Reserve interest rate cuts.
[Editor's Note: For real-time gold rates, click on the widget below or visit KT's dedicated Trading News page here.]
“The Federal Reserve remains cautious about reducing rates but markets are expecting a first cut in September. The upcoming inflation data is highly anticipated and will provide further clarity on the state of the US economy. Should this data indicate a downward trend in inflation, it could further enhance the appeal of gold as an investment,” he said.
At the same time, Khoury said geopolitical risks could continue to support gold's performance although the rapidly changing conditions in the Middle East constitute a source of risk. “Furthermore, recent ETF data highlights a robust demand for gold in Asian markets, especially from China, while central banks sustain an interest in the precious metal,” he added.
AlSO READ:
More news from UAE
Residents have been warned not to approach the area
When she came to the emirate, her first job earned her a salary of Dh1,000 a month — but she kept going until she was able to start her own business
Operation Chivalrous Knight 3 has also implemented a water distribution campaign that has benefited more than 70,000 people
The team, comprising of highly trained personnel and specialised units, is assisting French police as part of a joint cooperation
34-year-old medical tourist from Kenya underwent 'life-changing' advanced laparoscopic procedure at Abu Dhabi Hospital
A young gamer said playing games has been more effective in helping him navigate difficult times than any therapy he has been administered
Local banks keep reminding their customers through regular emails and messages about different frauds