Dubai Gold Prices Plummet Amid Stronger Dollar and Rate Hikes
Dubai's gold prices saw a decline on Friday, with all three major jewellery purities recording decreases from the previous session. According to the Dubai Jewellery Group, retail prices put 24K gold at Dh513.75 per gram, while 22K stood at Dh475.75 and 18K at Dh391.00. The retreat comes as international bullion remains under pressure from a firmer US dollar and expectations that the Federal Reserve could keep interest rates elevated.
The 24K rate fell Dh3.25 from Dh517.00 on Thursday, while 22K declined Dh3.00 from Dh478.75 and 18K slipped Dh2.50 from Dh393.50. Internationally, spot gold fell 0.2% to $4,270.83 an ounce by 0425 GMT on Friday and was down more than 2% for the week.
The downward move follows a sharper retreat earlier in the week. On Wednesday, 24K was Dh523.50, 22K Dh484.75 and 18K Dh398.50. Tuesday's rates were Dh523.25, Dh484.75 and Dh398.25 respectively, while Monday stood at Dh525.00, Dh486.00 and Dh399.50.