Dubai: Gold failed to maintain its early gains for the third day this week as the global markets started to bounce back from “Black Monday”.
Spot gold dropped further 0.4 per cent at $1,135.26 an ounce as of 0609 GMT, compared to $1,149 on August 25.
With the decline, retail prices in Dubai slipped further to Dh137 per gram for 24 carat, Dh130.25 for 22 carat, Dh124.75 for 21 carat and Dh108 for 18 carat, according to the rates suggested by the Dubai Gold and Jewellery Group.
Analysts had earlier predicted that the prices are expected to decline further. Karim Merchant, group CEO and managing director of Pure Gold Jewellers in Dubai, said that gold is on track to stay around $900 to $1,100 this year.
Gold Rate: To keep up to date with gold prices, go to our gold rate page.