Dubai Gold Prices Slip Below Dh500 Per Gram as Spot Price Drops

Gold prices in Dubai experienced a decline on Friday morning, with 22K gold falling below Dh500 per gram. The spot price of gold dropped half a percent to $4,470 an ounce.

The data from the Dubai Jewellery Group revealed that 24K gold lost Dh2.75 per gram, dropping to Dh539.25 per gram. The other metals also followed suit, with 22K trading at Dh499.25, 21K at Dh478.75, 18K at Dh410.25, and 14K at Dh320 per gram.

Jewellers in the UAE are anticipating strong demand for gold jewellery during the upcoming festival season, which includes Diwali, Dussehra, and Navratri. Joseph Dahrieh, managing director at Tickmill, noted that investors remain focused on the US nonfarm payrolls data, which could provide further clues on September rate-hike bets.