Dubai: Dubai’s gold retail prices continued to fall early Tuesday as some global stocks rebounded and the US dollar recovered.
The price of spot gold fell 0.5 per cent at $1,149 an ounce as of 0701 GMT, compared to $1,153.20 on Monday.
In Dubai, retail gold prices slipped further to Dh139.25 (24K), Dh132.50 (22K), and Dh127 (21K), shedding off a little over a dirham per gram from Sunday’s prices.
Many investors are still on edge as the downtrend in China continues, with the Chinese stocks falling more than seven per cent on Tuesday.
The rout in equities is sending investors to safe haven asset classes, including gold. If the downtrend continues, the price of gold is expected to climb.
Gold Rate: To keep up to date with gold prices, go to our gold rate page.
