Dubai: Gold prices in Dubai continued to decline for the second day in a row on Thursday, as the US dollar strengthened further and global stocks rallied.
As of 12 noon, 24-carat gold was selling at Dh149.50, down by Dh1 (0.66 per cent) from Wednesday’s closing price. Twenty-two carat was trading at Dh140.50, while 21K and 18K retailed at Dh134 and Dh114.75, respectively.
In the Asian market, the bullion declined as low as $1,228.70 an ounce, before paring losses to trade down 0.8 per cent at $1,232.50 by 0633 GMT, according to Reuters. Stocks in Asia also surged, with Chinese shares posting a three-month high, mirroring gains in Wall Street and European markets.
Gold has performed better than the US dollar since the beginning of the year, registering approximately 15 per cent gain. Gold’s current retail prices in Dubai are still relatively higher than the prevailing rates at the end of March.
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