Dubai Gold Prices Fall to Monthly Low After Fresh US Strikes
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24-karat and 22-karat gold drop below early July levels
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Good news for gold buyers in Dubai! Gold prices fell to their lowest level this month on Monday morning. This brings a great opportunity for shoppers after prices stayed high during most of last week.
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The price of 24-karat gold dropped to Dh488.75 per gram on Monday morning. This is down by Dh7.75 from Sunday's price of Dh496.50. This 1.6% drop brings the price below Dh490 for the first time since early July.
The popular 22-karat gold also dropped by Dh7.25, reaching Dh452.50 per gram. On Sunday, it was selling at Dh459.75.
With this drop, 24-karat gold is now Dh14.25 cheaper than its July peak of Dh503. Meanwhile, 22-karat gold is Dh13.50 cheaper than its highest monthly price of Dh466.
Gold Prices Go Down After Early July Highs
At the start of July, 24-karat gold was Dh489.75 and 22-karat gold was Dh453.50. Prices then went up steadily during the first few days of the month.
On July 3, 24-karat gold crossed Dh500 and hit Dh503 on July 4 and 5. At the same time, 22-karat gold reached Dh466. Prices then went down, with 24-karat gold dropping to Dh490 on July 8, before going back up to Dh497.25 the next day.
However, this recovery did not last. Over the weekend, prices stayed between Dh493.75 and Dh496.50. Monday's drop has now pushed prices below what they were at the beginning of the month.
AI contributed to the creation of this article.