Commodities
UAE Gold Prices Plummet as Dollar Strengthens
Gold prices in Dubai and the UAE dipped slightly on Friday morning, according to data from the Dubai Jewellery Group. The price of 24K gold dropped to Dh522 per gram, down nearly Dh38 per gram since August 25. The 22K variant was trading at Dh483.5 per gram.
The prices for other variants also declined: 21K fell to Dh463.5 per gram, 18K to Dh397.25 per gram, and 14K to Dh310 per gram. Spot gold was trading at $4,331 an ounce, down 0.8 percent from the previous session.
Simon-Peter Massabni, head of business development at xs.com, attributed the decline in gold prices to a stronger US dollar and rising Treasury yields. He stated that higher yields increase the opportunity cost of holding gold, as it does not generate interest.