Gold in UAE: Prices at 2-1/2-year low – time to buy before costs rise on recession fears

Gold in UAE: Prices at 2-1/2-year low – time to buy before costs rise on recession fears

Dubai: As gold prices continued to plunge, buyers are expected to take advantage of the exceptionally low prices as the yellow metal hit a fresh new two-and-a-half-year low on Monday. In the UAE, the cost of 24-karat gold was at Dh198.25 per gram on Monday. Meanwhile, the price of 22-karat gold fell to Dh186.25 per gram, 21-karat to Dh177.75 and 18-karat to Dh152.25 in the UAE. Check the . Gold prices were primarily pulled down by a firmer US dollar as major central banks adopted an aggressive stance on interest rates to tame inflation. Globally, prices fell as much as 1 per cent earlier in the session to hit $1,626.41, their lowest level since April 2020. US gold futures - indicative of near-term market prices - fell 0.6 per cent to $1,645.00. The US dollar index, which gauges the greenback versus six peers, scaled a fresh peak since 2002 boosted by a plunge in British sterling. "It's very difficult to construct a bullish case for gold, not until we see a pivot with the US, especially with (other) central banks tracing up with the Fed as well," said City Index analyst Matt Simpson. When the recession becomes a reality, there's