Dubai: Gold prices are crashing back to more shopper-friendly levels – dropping below $1,800 an ounce levels. If this sort of pressure continues, gold could see its levels being trimmed to around $1,780 over the weekend, according to some markets sources. It is at $1,787 now (04:00pm).
The Dubai Gold Rate is now at Dh207.25 a gram for 22K, having started Thursday at Dh211 plus. And for the first time since March, there’s a buzz in the Gold Souq and at jewellery stores that shoppers could be making a return shortly.
“All that gold needs is to drop to Dh200 a gram – or under – for the rush to return,” said a jewellery retailer.
The US Federal Reserve's hiking of interest rates is the main reason for gold's drop down today, And it should remain under pressure over Friday...