Dubai: Gold Prices have gone down more on Friday. This is news for people who want to buy jewellery because the prices are now among the lowest this month. The prices of Gold have been going up and down a lot because of what’s happening in the world economy. The price of 24K Gold went down to 482.50 Dirhams per gram. This is less than what it was on Thursday. The price of 22K Gold also went down to 446.75 Dirhams per gram.
This means that 24K Gold is now Dirhams less than what it was at its peak on June 2. 22K Gold has also gone down by 55.50 Dirhams from what it was earlier this month. For most of June, the price of Gold was above 500 Dirhams. But now it is lower, so people in the UAE can buy it easily.
The price of Gold went up at the start of June. It started at 539.75 Dirhams per gram. Went up to 542.50 Dirhams per gram on June 2. For the week, the price stayed above 521 Dirhams. Then it started going down
By June 10, the price of 24K Gold had gone down to 492.50 Dirhams per gram. Then it went back up above 522 Dirhams in the middle of June. This did not last long. The price kept going down for the rest of the month. Now the price is below 487 Dirhams.
This is news for people who want to buy jewellery. If you buy 20 grams of 22K Gold now, it will cost you around 8,935 Dirhams. At the start of June, it would have cost you around 10,045 Dirhams. So you can save more than 1,100 Dirhams. The price of Gold around the world is also going down. The price of Gold per ounce is now below 4,000 dollars. This is the week in a row that the price has gone down.
Analysts say that the price of Gold is going down because of what’s happening in the markets. Some people are selling their Gold to cover their losses in other areas. The fact that interest rates in the US might stay high for longer is also affecting the price of Gold.
Even though the inflation in the US is not as high as it was, people are still being careful. They know that when interest rates are high, gold is not as attractive because it does not earn any interest.
The stronger US dollar is also making it harder for the price of Gold to go up. The dollar is getting stronger because of what the Federal Reserve said about interest rates. They said that they will keep interest rates high for now. So for people who want to buy Gold, the price is now lower than it was this month. Analysts are saying that the price might still go up and down a lot.
