Dubai: Gold jewellery prices in Dubai remained relatively low on early Wednesday as the bullion failed to break back up to the $1,300 level amid easing North Korean worries and talks of interest rates.
Fans of the yellow metal in Dubai can expect to spend about Dh5 less per gram compared to the previous weeks if they buy today, with the price of 24K retreating to Dh156.75 from the previous day’s Dh157.50.
At the time of report, 22-karat gold stood at Dh147.25, while 21K and 18K traded at Dh140.50 and Dh120.50, respectively, according to suggested rates posted by Dubai Gold and Jewellery Group.
Jewellery rates have mostly stayed low in recent days after the bullion suffered some setback amid a strong US dollar and North Korean worries.
In the global market, spot gold stood at $1,294.89 an ounce as of 0425 GMT after falling in the previous session by 1.3 per cent – the biggest decline in more than two weeks according to Reuters. The latest price movement has been partly due to latest comments made by Janet Yellen, the US Federal Reserve chairperson.
“Gold lost what it gained on North Korea [tensions] since Friday after Yellen’s comments,” the news agency quoted Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank, as saying.
Yellen indicated on Tuesday that interest rates might need to be adjusted again. “It would be imprudent to keep monetary policy on hold,” she said at the 59th Annual Meeting of the National Association for Business Economics in Cleveland, Ohio.
Gold Rate: To keep up to date with gold prices, go to our gold rate page.
Currency Rate: To keep up to date with latest exchange rates, go to our currencies page.
