Dubai gold price: 22K gold prices in UAE drop by Dh4 per gram over 10 days

The price of 22K gold was Dh197.25 on March 22, and touched Dh191.75 on Wednesday

Published: March 31, 2021 15:00 Last updated: March 31, 2021 18:56 Dona Cherian, Assistant Online Editor

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Continuing its decline this month, 22K gold (usually bought as jewellery) is cheaper this week by Dh32 per 8 grams or one sovereign. Image Credit: Virendra Saklani/Gulf News

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For the quarter, the metal is down more than 11% and is on track for its worst quarterly performance since end-December 2016. Gold is also headed for a third straight monthly decline. Image Credit: Virendra Saklani/Gulf News

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Why has it fallen?: The US dollar scaled a near five-month peak and is set for its best month since November 2016. This, along with elevated US bond yields, has resulted in the decline of prices of the yellow metal. Image Credit: Antonin Kelian Kallouche/Gulf News

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Per gram prices of 24K gold (Dh205.75), 21K (Dh184.25) and 18K (Dh158) have also dropped. These rates are the latest update as of Wednesday evening. Image Credit: Ahmed Ramzan/Gulf News

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Gold buying frenzy is likely: While gold is likely to see some pressure in the short-term, investors pricing in inflationary concerns could "eventually trigger a frenzy of gold buying," said Edward Moya, senior market analyst at OANDA to Reuters. Image Credit: Ahmed Ramzan/Gulf News

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So should I buy gold or wait?: Experts and analysts are in two minds about this. While some say that prices are low enough to buy and make gains, others comment that prices will continue to fall as the economy returns to normal and vaccinations rise. Image Credit: Virendra Saklani/Gulf News

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Get historical rates and the latest gold prices in the UAE, updated thrice daily on https://gulfnews.com/gold-forex Image Credit: Virendra Saklani/Gulf News

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