Gold in UAE: Prices drop over Dh10 in the last 10 days, and dropping still

Gold in UAE: Prices drop over Dh10 in the last 10 days, and dropping still

Dubai: Gold prices dropped back toward an 11-month low and this will only further demand among buyers in the coming days. for more aggressive US monetary tightening. In the UAE, the cost of 24-karat gold was at Dh207.75 per gram on Thursday. Meanwhile, the price of 22-karat gold fell to Dh195.25 per gram, 21-karat to Dh186.25 and 18-karat to Dh159.50 in the UAE. Check the . This is amid expectations as investors again turned to the US dollar as a haven asset, as the value strenghthened, amid expectations for more aggressive monetary tightening in the world's largest economy, the US. The metal slipped as much as 2 per cent after ending Wednesday 0.6 per cent higher in the wake of a searing inflation report from the US. By Thursday, investors had digested the inflation news and again turned away from gold to the greenback as a hedge, according to David Lennox, a resources analyst at Fat Prophets. "We'd really need to see a much lower US dollar for gold to get a sustained positive kick going forward," Lennox said. "Investors are turning more to the greenback than bullion as a haven asset." Gold prices have been volatile this year as