Dubai: Gold fans in UAE are likely to save money on jewellery purchases if they hit the shops today, as the precious metal continues to lose its shine.
Since its peak in April, gold has lost a whopping Dh17 per gram in value, historical price data showed. That’s a saving of nearly Dh130 on a necklace that weighs 7.5 grams.
The yellow metal’s weakness is thanks to an upbeat US dollar, strong economic data coming out from the United States and expectations of higher interest rates. Investors tend to move away from safe-haven assets such as the precious metal when the economy looks good.
The price of 24-karat gold in Dubai dropped from Dh145.25 per gram to Dh144.75 per gram on Tuesday alone. Today’s gold price is one of the lowest this year and buyers looking to get new pieces can expect to spend Dh17.25 less per gram compared to a few months ago. Last April 3, the price of 24K gold reached Dh162 per gram.