UAE: Gold prices slump Dh2 per gram in Dubai in early trade

UAE: Gold prices slump Dh2 per gram in Dubai in early trade

24K was trading at Dh241.25 per gram at the opening of the markets on Wednesday

By A Staff Reporter Published: Wed 17 May 2023, 9:38 AM

Gold prices fell in Dubai on Wednesday morning by nearly two dirhams per gram following a drop in global precious metal prices last night.

According to Dubai Jewellery Group data, the 24K was trading at Dh241.25 per gram at the opening of the markets on Wednesday as compared to last night’s close of Dh243.25 per gram. While 22K, 21K and 18K were trading at Dh223.25 per gram, Dh216.25 and Dh185.25, respectively.

Gold prices were trading below the $ 2,000 mark as investors fretted over the outcome of the US debt-limit negotiations, with a firmer dollar keeping prices in check. Spot gold was trading at $1,992.56 per ounce.

Bullion slipped from the $2,000 level on Tuesday after US retail sales and hawkish remarks from Federal Reserve officials drove bets that interest rate cuts may be delayed and pushed the dollar higher.

Gold has been well supported on price dips below $2,000 and with the debt ceiling "process dragging on, there is some pent-up frustration in the market which is adversely affecting sentiment", and that could bring safe-haven flows into gold, Tim