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Time to buy? Dubai gold prices drop

Business, Shopping Dubai 27 May 21
Time to buy? Dubai gold prices drop
Gold prices fell in Dubai and worldwide on Monday morning as investors digested comments by US Federal Reserve officials that sought to assuage inflation concerns.
Event Location
Dubai , Dubai
Start Time
27 May 2021, 12:00 AM
End Time
30 June 2021, 12:00 AM

Gold prices fell in Dubai on Monday morning in line with a drop in global prices. In the UAE, 24K gold prices fell from Dh228.25 per gram on Monday morning to Dh227.50 at the opening of the trade on Tuesday. Meanwhile, 22K fell from Dh214.25 to Dh213.75; 21K from Dh204.5 to Dh204.0; and 18K from Dh175.25 to Dh174.75.

Globally, spot gold was down 0.23 per cent to $1,880.15 an ounce by 8.15am UAE time.

Despite the drop, the precious metal was still trading close to its highest level in over four months.

“The first quarter was very much a story of recovery – or rebalancing – for retail demand,” said John Mulligan, Director of Market Relations at London-headquartered World Gold Council. “Demand in China was pretty strong across the board, India partially recovered between January-March.

“The price drop – and/or price stabilization – tempted people back into the market because they were comfortable with the level.”

Daniel Dubrovsky, the strategist at Daily FX, said over the next 24 hours, gold would likely see some volatility around US conference board consumer confidence data.

Dubrovsky said ongoing dovish commentary that continues to reiterate patience may offer a supportive environment for the yellow metal. However, gains in crypto could risk sapping gold’s potential.

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