Thursday, 20 June 2024
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Following a sharp increase previous session, gold prices decline

  • The price of gold fell by Dh0.75 per gram at the start of the markets on Tuesday, May 21.
  • At 9.10 am UAE time, the price of an ounce of gold was $2,414.41 internationally, a 0.5% decrease.
  • As a safeguard against systemic and economic threats in the financial markets, gold is still valuable.

Following a sharp rise in the previous session, the price of gold fell by Dh0.75 per gram at the start of the markets on Tuesday, May 21.

At the close of business on Monday, the price of the 24K version of gold was Dh292.25 per gram, a decrease from Dh293.0. At 9.10 am UAE time, the price of an ounce of gold was $2,414.41 internationally, a 0.5% decrease.

Gold rate

Positive US inflation figures, according to DailyFX’s Diego Colman, fueled expectations that the Federal Reserve would loosen monetary policy earlier than expected, which helped precious metals and drove gold closer to its all-time high.

A Swiss bank analyst named Julius Baer stated that a rise in buyers’ willingness to pay explains why the demand for gold has not increased globally over the last ten years.

Except for China and Russia, which have elevated their gold purchases, all central banks that purchase US Treasury bonds have boosted their holdings of the metal since 2022. As a safeguard against systemic and economic threats in the financial markets, such as the US dollar becoming even more weaponized, gold is still valuable.

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