Photo for illustrative purposes only. ARCHIVE

Gold prices fell in the UAE and around the world on Thursday morning, driven down by a strong dollar as better-than-expected US retail sales data clouded chances of a lesser rate hike. Gold prices in the UAE decreased by Dh1.75 per gram at the start of trading on Thursday. The 24K gold price decreased to Dh213.5 per gram from Dh215.75 last night. While 22K, 21K, and 18K opened lower as well, at Dh200.5, Dh191.5, and Dh164.0 per gram, respectively. "Gold has had an excellent run, but having struggled to push above $1,790 it has succumbed to the strength of an oversold US dollar and seemingly entered a retracement," City Index analyst Matt Simpson said. "Gold can pull back further given the magnitude of its prior rally, which is likely to tempt profit-taking and entice a few countertrend bears around these highs," Simpson added. BKM/ Expat Media
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