Gold prices in the UAE fell by over Dh1 per gram in early trading on Wednesday. At 9 AM UAE time, the 24K gold was trading at Dh292.25 per gram, down from Dh294.0 per gram at the previous day’s close. Other gold variants also saw price drops: 22K at Dh270.5, 21K at Dh261.75, and 18K at Dh224.5 per gram.
Influencing Factors
The decline in the prices is attributed to movements in the global market, with spot gold trading at $2,413.3, down 0.34% by 9.15 AM UAE time. This drop comes ahead of the US Federal Reserve’s policy meeting minutes release. Geopolitical uncertainty, central bank purchases, and increased buying from China had recently driven gold prices close to new highs.
Expert Advice
Shadi Salloum, regional director for Mena at XS.com, advised investors to exercise caution due to the sensitive nature of gold trading. Mohamed Hashad, chief market strategist at Noor Capital, noted that recent soft US inflation data has raised hopes for potential interest rate cuts by the Federal Reserve, which could further support gold prices.
