Dubai: Gold prices in Dubai went down on Thursday morning. They had gone up for 3 days before that. This happened because people felt less good about the market after Donald Trump said some things about the war between the US and Iran.
At around 8:30am 24K gold cost Dh562.25. It was Dh573 the day before. The 22K type also went down to Dh520.75 from Dh530.75. This drop has been happening for the 24 hours.
The drop comes after a time for gold markets in March. Prices went up to Dh620. Then came down sharply. They stayed steady for a bit at around Dh560. Now it seems like they are not going up much as they were.
People started to feel less good about the market after Trump said that the war in the Middle East might be over. He also said that there might be action against Iran soon. This made investors unsure. Changed what they were doing.
The US dollar got stronger. Stocks went down. Oil prices went up. This is because people are worried about problems with oil supplies around the Strait of Hormuz. This made gold less appealing as a place to put money.
Analysts say that gold is now being affected more by how money people have to invest. During times people sell gold to make up for losses in other investments. This limits how much gold prices can go up.
Gold prices have been very unpredictable. March saw a 12 per cent drop. The biggest monthly drop since 2008. This drop shows how fast people’s feelings about the market can change because of things that happen in the world worries about inflation and expectations, about interest rates. Gold prices are still changing a lot.
