Dubai: The gold prices in Dubai fell really low on Friday. The 24-karat gold price went below Dh500 per gram for the time in weeks. This happened because of a sell-off in global markets. The US dollar got stronger. People thought that the US interest rates might stay high for a longer time.
The latest market rates show that 24K gold went down to Dh496.75 per gram. This is down from Dh509.25 the day. That is a drop of Dh12.50 per gram in just 24 hours. The 22K gold price also fell to Dh460 per gram. It was Dh471.50 the day
This big drop is news for people who want to buy gold jewellery. They can now get it for a price. For example a 20-gram gold jewellery item is now than Dh250 cheaper. This is for the gold value and does not include other costs like taxes.
Global factors are affecting gold prices.
- The US dollar is getting stronger.
- The US interest rates might stay high for a time.
- There are changes in the economy.
At first gold prices went up because of some news about the US and Iran.. Then the US dollar got stronger and the US Federal Reserve said they might not cut interest rates soon. When the US dollar is strong it makes gold more expensive for people in countries to buy. When interest rates are high people prefer to invest in things that can give them more money.
India is seeing the same thing happen.
- The price of 24-carat gold in India went down to about ₹145,850 per 10 grams.
- It was ₹149,510 the day before.
- The price of 22-carat gold also went down. It is now ₹133,700 per 10 grams. It was ₹137,050 the day
Is it a time to buy gold?
- Lower prices might make people want to buy gold jewellery.
. Analysts say that gold prices can still change a lot because of what is happening in the global economy.
Even though gold prices have gone down many people think that gold is still an investment.
Central banks are still buying gold.
There are concerns about inflation.
- Gold is an asset to invest in when things are uncertain.
What will happen next?
- Investors are watching the US Federal Reserve to see what they will do next.
- They are also watching the US dollar to see if it will stay strong.
- If the US Federal Reserve says it will cut interest rates, it could make gold prices go up.
- If the US dollar stays strong, it could keep gold prices low.
For now, people in Dubai can buy gold for a price lower than they could before. This makes it a good time to buy gold jewellery.
