Dubai: The price of gold in the UAE went down to its lowest point in June on Tuesday. This gives people another chance to buy gold after a month of changes in the price.
The price of 24-karat gold is now Dh478.50 per gram. This is down from Dh485.75 on Monday. The price of 22-karat gold also went down to Dh443 per gram. It was Dh449.75 on the day.
The price of 24-karat gold is now Dh64 lower than it was on June 2. It was Dh542.50 per gram then. The price of 22-karat gold is also lower. It is Dh59.25 less than its point. It was Dh502.25 during the time.
Prices Keep Going Down in June
The price of gold started June strong. 24-Karat gold was selling for more than Dh539 per gram. It even went up to Dh542.50 on June 2. Then the price went down fast. By June 10, it was Dh492.50.
The price of gold went back up a little in the middle of June. 24-Karat gold was selling for more than Dh522 per gram. This did not last long. The price started going down in the second half of June. This is because the international gold market was weak.
The price of Dh478.50 per gram on Tuesday is the lowest it has been in June.
International Gold Market is Weak
The price of gold in the UAE is going down because the international gold market is weak. The price of gold went down below $4,000 an ounce. This is because investors are worried about what’s happening in the Middle East. They are also waiting to see what will happen with interest rates around the world.
There is a lot of uncertainty about what will happen between the United States and Iran. There are also concerns about ships going through the Strait of Hormuz. The US dollar is strong. People think interest rates will stay high for a long time. This means people are not buying much gold.
What This Means for People Buying Gold
The price of gold going down is news for people who want to buy jewellery or invest in gold. They can now buy gold at a price.
Analysts say the price of gold will probably keep changing a lot in the coming weeks. This will depend on what happens in the world with the economy and with interest rates. For now, people in the UAE who want to buy gold can get it at the price this month.
