Gold prices in Dubai saw a significant drop on Tuesday evening, losing Dh4 per gram during the day. According to Dubai Jewellery Group data, the 24K gold variant fell to Dh316 per gram by 8pm, down from Dh320 per gram earlier in the day.
Other gold variants also experienced notable decreases, with 22K trading at Dh292.5 per gram, 21K at Dh283.25 per gram, and 18K at Dh242.75 per gram. This marks one of the biggest drops in recent times.
According to a Khaleej Times, the decline comes as spot gold dropped over 1% to $2,614.16 per ounce, influenced by recent US employment data that reduced the likelihood of a larger rate cut by the Federal Reserve. Markets are now anticipating the minutes from the Federal Reserve’s latest policy meeting for further guidance.
