KHALEEJ TIMES, Wednesday, Mar 31, 2021 | Shaaban 17, 1442
Dubai gold prices see big drop; 24K falls below Dh203.5
Emirates:
Gold prices in Dubai and worldwide continued to decline on Wednesday,
losing nearly two per cent, as investors remained focused on high-yield US
Treasury.
In Dubai, 24K retail gold price fell from Dh207 per gram on Tuesday morning to
Dh203.50 on Wednesday morning; while 22K price dropped from Dh194.5 to Dh191.25;
21K price slipped from Dh185.5 to Dh182.5; and 21K price hit Dh156.25 today as
against Dh159 yesterday.
As a result of drop in prices of precious metals, UAE residents — especially
Indian and Chinse expatriates — have been rushing to buying gold.
Shamlal Ahamed, managing director for international operations at Malabar Gold &
Diamonds, said they are seeing a big increase in customer footfall as residents
are taking advantage of the recent drop in prices and buying gold.
Globally, spot gold price fell below $1,700 an ounce, dropping 1.93 per cent, or
$33 to $1,679.15 an ounce at around 9.10am UAE time.
Analysts said faster-than-expected growth in China's factory activity weighed on
the metal's safe-haven appeal, while a surge in US Treasury yields added further
pressure.
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