Picture for illustrative purposes only. ARCHIVE

Gold prices in Dubai opened lower on Saturday (May 9), amid market sentiment on a volatile peace agreement between the US and Iran that could help ease global inflation concerns. By Saturday afternoon, the price of 24K gold in Dubai held steady at Dh568.25 per gram, but lower by 25 fils from Friday’s closing rate. Other gold variants also recorded prices that are 25 fils lower than Friday’s rates. The price of 22K gold fell to Dh526.25 per gram while 21K gold reached Dh504.50 per gram. Meanwhile, 18K and 14K gold were trading at Dh432.50 and Dh337.25 per gram, respectively. Gold prices in the UAE are influenced by international bullion rates, currency fluctuations, geopolitical tensions and inflation expectations in major economies such as the US. Industry observers said many consumers in the UAE continue to monitor gold prices closely ahead of the summer travel and wedding season, periods traditionally associated with stronger jewellery demand. ICA/Expat Media
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