On Friday morning, the price of gold fell in Dubai, with 24K falling below Dh500 per gram, making gold jewelry more accessible to consumers in Dubai and the UAE. At Friday’s market opening, the price of 24K gold was trading at Dh496.75 per gram, down Dh12.5 from Thursday’s closing price of Dh509.25 per gram. Spot gold lost 2.4% and dropped below $4,200, trading at $4,123 per ounce. Silver dropped more than 4% to $63.63 per ounce.
A rising dollar and the US Federal Reserve’s hawkish policy signals placed pressure on the precious metal, and the US-Iran ceasefire agreement, which reduced fears about inflation and caused oil markets to decline, put a floor under prices. On Friday, the precious metal was on course for its third weekly decline.
Gold is following monetary policy, according to Ahmad Assiri, Research Strategist at Pepperstone. The Fed’s meeting reinforced a hawkish stance that has affected market confidence. Investors reevaluate the possibility that borrowing costs will remain high for a lengthy period of time when policymakers leave rates steady because markets perceive the accompanying presser as relatively hawkish, with a 40% chance of a rate hike at the upcoming FOMC meeting.
Also Read:
Emma Shakespeare On The Future Of Enterprise Software
