Picture for illustrative purposes only. ARCHIVE

Gold buyers in Dubai rushed to monitor market prices on Thursday (May 28) after rates dropped sharply to their lowest levels in nearly two months. According to rates released by the Dubai Gold and Jewellery Group, gold prices fell by as much as Dh7 per gram compared to Wednesday’s trading rates. Twenty-four karat gold opened at Dh526.75 per gram on Thursday morning before slightly recovering to Dh529.75 in afternoon trading. On Wednesday, the same category traded at Dh537 per gram. Twenty-two karat gold was priced at Dh487.75 in the morning and later rose to Dh490.50 by afternoon trading, still significantly lower than Wednesday’s Dh497.25 rate. Twenty-one karat gold traded at Dh467.75 on Thursday morning before climbing to Dh470.25 later in the day. It had sold for Dh476.75 on Wednesday. Eighteen karat gold also recorded declines, opening at Dh401 per gram before increasing slightly to Dh403 in the afternoon after trading at Dh408.75 a day earlier. Meanwhile, 14K gold sold for Dh312.75 on Thursday morning and later settled at Dh314.50, down from Wednesday’s Dh318.75 per gram. The decline in UAE gold prices mirrored losses in global bullion markets. Globally, spot gold dropped 1.7 percent to $4,380.62 per ounce on Thursday after earlier touching its lowest level since March 26. US gold futures for June delivery also declined by 1.6 percent to $4,377.10. Other precious metals likewise recorded losses. Spot silver fell 3 percent to $72.37 per ounce while platinum dropped 1.4 percent to $1,890.81, both reaching near one-month lows. Palladium also slipped 1.9 percent to $1,364.26. Gold price movements in Dubai are closely watched by jewellery buyers, tourists and investors, especially ahead of the summer travel season and festive shopping periods when demand traditionally rises across the UAE. CAM/Expat Media
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