Khaleej
Times, Wednesday, May 17, 2023 | Shawwal 27, 1444
AH
UAE: Gold prices slump Dh2 per gram in Dubai in early trade
By A Staff Reporter
Gold prices fell in Dubai on Wednesday morning by nearly two dirhams per
gram following a drop in global precious metal prices last night.
According to Dubai Jewellery Group data, the 24K was trading at Dh241.25
per gram at the opening of the markets on Wednesday as compared to last night’s
close of Dh243.25 per gram. While 22K, 21K and 18K were trading at Dh223.25 per
gram, Dh216.25 and Dh185.25, respectively.
Gold prices were trading below the $ 2,000 mark as investors fretted over
the outcome of the US debt-limit negotiations, with a firmer dollar keeping
prices in check. Spot gold was trading at $1,992.56 per ounce.
Bullion slipped from the $2,000 level on Tuesday after US retail sales
and hawkish remarks from Federal Reserve officials drove bets that interest rate
cuts may be delayed and pushed the dollar higher.
Gold has been well supported on price dips below $2,000 and with the debt
ceiling "process dragging on, there is some pent-up frustration in the market
which is adversely affecting sentiment", and that could bring safe-haven flows
into gold, Tim Waterer, chief market analyst at KCM Trade said.