UAE gold drops as US dollar strengthens

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DUBAI

UAE consumers looking to buy new jewelry can enjoy a momentary price relief ahead of the Eid Al Fitr holidays. After spiking in the beginning of the week, gold prices eased on Tuesday amid a stronger US dollar. The bullion eased to 1,283.38 an ounce as of 9:31 am, after hitting $1,287.32 an ounce, the highest price achieved since over a week ago, according to Reuters. The decline triggered a dip in local prices across the shops and souks in UAE, with the 24-karat (24K) now retailing at Dh155.25 per gram.

That means today’s buyer could buy jewelry for Dh2 per gram less than they would have paid a few days earlier. Last May 16, 24K cost pricier, at Dh157 per gram. The price of 22K also dropped to Dh146 per gram, as well as 21K and 18K, now selling at Dh139.25 and Dh119.25 per gram, respectively. Jewelry prices, however, may not stay in the same price point for a long time, and those who want to buy presents for Eid Al Fitr would do well to head to the shops soon.

Analysts are betting on the bullion to rally again over the next few days and 22K gold in the UAE could very well hit Dh148.45 per gram.

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