Commodities
UAE Gold and Silver Prices Plummet Amid Global Market Pressures
The UAE gold and silver markets experienced a decline on Monday due to external market pressures. The price of gold fell to its lowest level in nearly two weeks, reaching Dh533 per gram for 24-carat gold, while 22-carat gold was priced at Dh493.75 per gram.
The drop in gold prices was attributed to movements in the US dollar and changing investor expectations regarding US interest rates. This led to a decline in demand for gold as an investment asset.
Silver prices also declined, with the price of a gram falling below Dh8 to Dh7.87. An ounce of silver was priced at approximately Dh244.71, while a kilogram reached Dh7,867.60.