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UAE gold prices fall further, now Dh17 cheaper per gram

Monika Mittal Singla

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<p>Dubai: Gold fans in UAE are likely to save money on jewellery purchases if they hit the shops today, as the precious metal continues to lose its shine.</p> <p>Since its peak in April, gold has lost a whopping Dh17 per gram in value, historical price data showed. That&rsquo;s a saving of nearly Dh130 on a necklace that weighs 7.5 grams.</p> <p><ins><img alt="" src="https://wtf2.forkcdn.com/www/delivery/lg.php?bannerid=0&amp;campaignid=0&amp;zoneid=2360&amp;loc=https%3A%2F%2Fgulfnews.com%2Fbusiness%2Fgold-rate%2Fuae-gold-prices-fall-further-now-dh17-cheaper-per-gram-1.2277199&amp;referer=https%3A%2F%2Fgulfnews.com%2Fbusiness%2Fsectors%2Ftechnology%2Fapple-unveils-3-new-iphones-watch-with-ecg-1.2277757&amp;cb=84c181120e" style="height:0px; width:0px" /></ins>The yellow metal&rsquo;s weakness is thanks to an upbeat US dollar, strong economic data coming out from the United States and expectations of higher interest rates. Investors tend to move away from safe-haven assets such as the precious metal when the economy looks good.</p> <p>The price of 24-karat gold in Dubai dropped from Dh145.25 per gram to Dh144.75 per gram on Tuesday alone. Today&rsquo;s gold price is one of the lowest this year and buyers looking to get new pieces can expect to spend Dh17.25 less per gram compared to a few months ago. Last April 3, the price of 24K gold reached Dh162 per gram.</p> <p>&nbsp;</p> <p>Source:-&nbsp;https://gulfnews.com/business/gold-rate/uae-gold-prices-fall-further-now-dh17-cheaper-per-gram-1.2277199</p>