Gold price drops to its lowest level in several months

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Gold has dropped to its lowest level in months, losing nearly AED 10 per gram in value in less than a week – and proving predications wrong that a Donald Trump win would increase safe haven demand.

As of today morning, 24 karat was trading in Dubai at Dh148.50 per gram, down by a little over Dh9 from Tuesday, when the precious metal rallied in the wake of Trump’s victory.

The price for 22 karat gold in Dubai was Dh 139.50 per gram, while it was QAR 140.50 in Qatar.

Here are the prices of 22 karat gold in various GCC countries :

  • UAE – AED 139.50

  • Qatar  – QAR 140.50

  • Bahrain – BHD 14.50

  • Kuwait – KWD 11.80

  • Oman – OMR 15.05

  • Saudi Arabia – SAR 141.00

In India, the price per 22 karat gram is around Rs 2,935.00

Gold’s recent decline is said to be the lowest in five months, triggered by the rise in the US dollar and heightened inflationary fears.

Earlier, gold prices touched a three-year high of Rs 3,175.00 in Delhi on Wednesday as people flocked to jewellery stores when the government made R500 and R1,000 notes invalid as legal tender.

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The sudden move by the government raised the appeal of the precious metal. Some jewellers said they had to keep the stores open until late night to cater for demand.

However, the demand seems to have subsided and the prices have gone down now.

- Published on 15 November 2016 - By Mohamed Faisal / NRICafe.com

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