Commodities
Dubai Gold Prices Plummet as Global Bullion Drops 2%
Dubai's gold prices took a hit on Monday, falling by over Dh11 per gram as global bullion prices dropped 2%.
The Dubai Jewellery Group reported that 24K gold was priced at Dh505.50 per gram, down from Dh516.50 the previous day, while 22K and 18K gold fell to Dh468 and Dh384.75 respectively.
The declines represent a 2.1% drop across all three categories compared to Sunday's prices.
The sharp fall in global gold prices was attributed to higher oil prices, rising bond yields, and growing expectations of another US interest-rate increase.