Malik Salameh – directGold prices decreased slightly in the UAE during trading today, Thursday, in conjunction with the rise of the dollar and the possibility of the Federal Reserve continuing the path of raising interest rates.
And by 10:29 am Emirates time, the price of 24 carat gold fell to 233.54 dirhams, “63.60 dollars,” from a level of 234.42 dirhams.
The price of 22 carat gold decreased to 214.08 dirhams, “58.30 dollars,” from 214.89 dirhams.
The price of 21 carat gold also fell to 204.35 dirhams, “55.65 dollars,” from 205.13 dirhams.
The price of 18 karat gold recorded about 175.16 dirhams, “47.70 dollars,” compared to yesterday’s price of 175.82 dirhams.
The price of 14 carat gold decreased to 136.23 dirhams, “37.36 dollars,” compared to yesterday’s price of 136.75 dirhams.
The price of an ounce of gold was about 7263 dirhams (1978 dollars), and the gold pound recorded a price of 1635 dirhams, about 445.22 dollars.
It is noteworthy that gold prices in the UAE rose at the end of April 2023, with increasing expectations of an interest rate hike by the US Federal Reserve.
Gold prices jumped during the month of April of this year, by 1.8 percent.
Gold prices jumped in the UAE during the first quarter of this year, coinciding with investor concerns about the US Central Bank’s decisions to raise interest rates to curb inflation, the banking sector crisis in the United States of America, and the announcement of the bankruptcy of 3 major banks..
Gold prices have declined in the UAE since the beginning of 2022, coinciding with the monetary policy pursued by the US Federal Reserve to raise interest rates to control inflation, in addition to the Russian-Ukrainian invasion with the escalation of global recession fears.
It is noteworthy that gold prices in the UAE rose during the transactions of December of 2022, amid increasing expectations that the US Federal Reserve will continue to raise interest rates to curb inflation, and the escalating risks of a global economic recession.
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