Dubai: Gold prices drop further, losing over Dh9 per gram so far this week
Gold prices continued their downward trajectory, losing nearly another Dh2 per gram on Friday.
The 24K variant of the precious metal was trading at Dh404.25 per gram on Friday, losing over Dh9 per gram this week so far.
Among the other variants, 22K, 21K and 18K were selling at Dh374.25, Dh359.0 and Dh307.5 per gram, respectively.
Spot gold was trading at $3,352.38 per ounce, down 0.63 per cent as investors expect fewer interest rate cuts by the US Federal Reserve.
Michael Brown, senior research strategist at Pepperstone, said the yellow metal has traded in perhaps surprisingly sanguine fashion over the last week or so, with tight ranges having persisted despite geopolitical tensions in the Middle East continuing to ratchet higher.
'Bullion's brief foray north of $3,400 last Friday pared rapidly, as markets quickly discounted the initial Israel-Iran kinetic exchanges, though some degree of haven demand continues to linger, particularly as the possibility of US involvement in the ongoing conflict mounts. This demand has kept gold underpinned, even if the impulsive move higher seen at the back end of last week has subsequently fizzled out,' he said
Brown hoped that the longer-run bull case for gold remains a solid one, as reserve asset allocators continue to diversify away from the US dollar, a process which has been underway for the last three years at least, and which has accelerated since US President Donald Trump's inauguration.
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