Precious metals came under pressure amid shifts in the US dollar and expectations surrounding US interest rates, pushing gold to its lowest level in nearly two weeks
Dubai: Gold and silver prices in the UAE declined on Monday, the first trading day of the week, amid pressure on global precious metals markets.
The decline was attributed to movements in the US dollar and changing investor expectations regarding the path of US interest rates, which pushed gold to its lowest level in nearly two weeks.
The price of 24-carat gold fell to around Dh533 per gram, while 22-carat gold was priced at Dh493.75 per gram.
Meanwhile, 21-carat gold reached Dh473.25 per gram and 18-carat gold Dh405.75 per gram.
Silver also declined, with the price of a gram falling below the Dh8 mark to Dh7.87. An ounce of silver was priced at approximately Dh244.71, while a kilogram reached Dh7,867.60.
Gold prices:
- 24-carat: Dh533.00 per gram
- 22-carat: Dh493.75 per gram
- 21-carat: Dh473.25 per gram
- 18-carat: Dh405.75 per gram
Silver prices:
Source: Emirates 24|7