Dubai gold prices drop sharply post-weekend, with rates starting at Dh300
Dubai: The yellow metal has seen a sharp drop in prices over the weekend as the standoff over the Strait of Hormuz kept energy prices high and added to pressure on the Federal Reserve to lift interest rates again in its fight against stubborn inflation. In the UAE, gold prices opened this Monday morning on a low. 24-karat gold is trading at Dh505.50 compared to its previous close of Dh516.50, a…
Dubai gold prices experienced a sharp decline over the weekend, opening at Dh300 per gram on Monday morning, down Dh11 from the previous close. The drop in gold prices was attributed to the ongoing standoff over the Strait of Hormuz, which led to high energy prices and increased pressure on the Federal Reserve to raise interest rates as part of its efforts to combat inflation.
The decline in gold prices was also influenced by the pressure from crude prices and the Federal Reserve's rate hike expectations. Despite the drop in gold prices, dealmaking in the gold market did not slow down.
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