The shine is coming off gold in the UAE, with prices experiencing a further decline. Opening nearly Dh3 lower on Friday, May 24, 2024, a gram of 24-carat gold is now priced at Dh282.75. This follows a downward trend observed over the past few days.
Across-the-Board Decline
The price decrease affects all gold varieties. 22-carat gold opened at Dh261.75. Prices for 18-carat and 21-carat gold also dropped, opening at Dh217.25 and Dh253.5 respectively.
Reasons for the Dip
While the exact reasons behind the price dip are not explicitly mentioned in the article, fluctuations in global gold prices often influence local markets. Other factors like currency exchange rates and investor sentiment can also play a role.
Impact on Consumers
This price drop could be a welcome change for consumers looking to buy gold jewelry or invest in smaller quantities. However, existing investors who bought at higher prices may see a decrease in their holdings’ value. The future trajectory of gold prices in the UAE remains uncertain. Investors and consumers should monitor market trends and conduct their own research before making any decisions.
