Dubai: Gold prices drop by nearly Dh10 per gram in 24 hours
Gold prices continued to trend downward in Dubai on Thursday morning, losing nearly Dh10 per gram in the past 24 hours as precious metal fell below $3,200 per ounce globally.
The Dubai Jewellery Group data showed 24 karat trading at Dh378.5 per gram on Thursday morning, down from Dh388.25 per gram on Wednesday morning, losing Dh9.55 in the past 24 hours.
Among the other variants, 22 karat fell to Dh350.5 per gram, losing Dh9.25 per gram since Wednesday morning. Similarly, 21 karat and 18 karat opened lower at Dh336.5 and Dh288 per gram, respectively.
Spot gold was trading at $3,193.34 per ounce, down 1.5 per cent. The precious metal hit an over-one-month low ahead of key US data, which is expected to provide cues on the Federal Reserve's monetary policy path, while a thaw in US-China trade tensions also weighed on bullion's appeal.
The US and China earlier this week agreed to cut tariffs and adopted a 90-day pause, de-escalating a potentially damaging trade war between the world's two largest economies. However, global markets still remain uncertain about the outcome after 90 days.
Brian Lan, managing director at GoldSilver Central, said the yellow metal could touch $3,150. If it doesn't hold this level, then it may hit $3,100 at the next level.
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