UAE Gold Prices on a record low! Globally, the valuable metal was trading at $2,414.41 per ounce, gets down by 0.5 % this morning.

Tuesday, May 21, saw a significant decline in gold prices at market opening after a sharp increase the previous session.

The 24K version of the yellow metal was trading at Dh292.25 per gram at 9 a.m. UAE time, down from Dh293.0 at Monday’s market closing. The other variants of this precious metal, 22K, 21K and 18K were been sold at Dh270.5, Dh261.75 and Dh224.5 per gram, respectively.

However, by Monday afternoon the 24k variant of Gold hit Dh296 per gram.

At 9.10 a.m. United Arab Emirates time, the UAE Gold Prices was $2,414.41 an ounce, down by 0.5% on a global scale.

According to Diego Colman, a contributing strategist at dailyFX, positive news on US inflation fueled expectations that the Federal Reserve might loosen monetary policy earlier than expected, which helped to drive up prices for precious metals, with gold approaching its record high.

Julius Baer claims that the story of central banks moving from US Treasuries to gold has been driving up the price of gold recently. Nevertheless, it appears that the record-breaking gold rally has peaked, at least for the time being, have an effect on investors and central banks equally,” it stated.

The demand for gold has not increased globally over the last ten years, according to analysts at the Swiss bank. Rather, a rise in purchasers’ willingness to pay explains gold’s record-breaking surge.

“All central banks that purchase gold have boosted their holdings of US Treasuries since 2022, with the exception of China and Russia”. According to the researchers, gold continues to be a hedge against systemic and economic threats in the financial markets, such as the increased weaponization of the US dollar.

Source: khaleej Times

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