Commodities
Dubai Gold Prices Plunge Amid Dollar Strength
Dubai's gold prices plummeted sharply on Wednesday, with 24K gold falling Dh15.25 in one day to Dh518.25 per gram. The decline was triggered by international gold prices extending their retreat amid a stronger US dollar and rising Treasury yields.
The latest Dubai prices marked a significant move from Tuesday, when 24K gold was priced at Dh533.50 per gram. Gold had already edged higher between Monday and Tuesday, but the Wednesday decline erased those modest gains.
Globally, spot gold fell 0.6 percent to $4,304.01 per ounce by 0017 GMT on Wednesday, its lowest level since August 7. The pressure on bullion intensified as the US dollar held firm and Treasury yields advanced.