UAE

Dubai gold drops Dh2.75 per gram in one week

Gold continued to trade at lower levels in Dubai on Tuesday, as the US dollar remained firm against other currencies.

The precious metal has so far lost as much as Dh2.75 in value per gram in a little over a week, with 24-carat gold trading at Dh153.25 per gram, down from Sunday’s closing price (Dh156).

Other gold pieces were also trading at cheaper rates compared to last week, with 22K selling at Dh143.75 per gram and 21K and 18K trading at Dh137.25 and Dh117.75 per gram, respectively.

In Asia trade, spot gold stood at $1,264.53 an ounce by 1158 GMT. After hitting $1,300 an ounce last week, the bullion lost some value on Monday following the strengthening of the US dollar against the Japanese yen.

Some industry experts, however, are betting on the precious metal to regain some strength this year. ABN Amro, in its latest analysis, said it is expecting gold to climb to $1,300 an ounce next month and $1,370 an ounce by December.

Lukman Otunuga, research analyst at FXTM, attributed gold’s recent decline to a mixture of profit taking and dollar appreciation.

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