Dubai: The price of gold in Dubai started the week lower on Monday. This happened because the global markets were not as worried about things. When people are not as worried they do not want to buy gold much.
At the start of the day the price of 24K gold went down to 560.50 Dirhams per gram. The day before it was 563.50 Dirhams per gram. The price of 22K gold also went down to 519 Dirhams from 521.75 Dirhams. This is because people were not as scared about what’s happening in the Middle East.
The price of gold around the world also went down a little bit. It went down. Then stayed at around 4630 Dollars per ounce. People started to feel better when they heard that the United States and Iran might talk to each other again. This made people think that maybe the fighting will stop for a while.
Donald Trump said some things that made people unsure about what will happen. He said that something might happen. He also said that the United States is still watching the Strait of Hormuz. This made traders a little nervous.
Some people who watch the markets say that the price of gold is not about what is happening in the world. It is also about how much things cost and if people think that will change. The price of oil has gone up. This makes people think that banks like the Federal Reserve might not lower the interest rates. This makes gold not as good of an investment.
The economy in the United States is also doing well. A lot of people are getting jobs. This makes people think that the government will try to keep prices from going up too much. This might mean that the price of gold will not go up much.
Even though the price of gold went down it is still changing a lot. For people in the UAE who want to buy gold the price going down a bit is not a big deal.. The price will still change depending on what happens with the talks, about stopping the fighting the price of oil and what the banks do with the interest rates.
