Continuing its decline this month, 22K gold (usually bought as jewellery) is cheaper this week by Dh32 per 8 grams or one sovereign.
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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.
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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.
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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.
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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.
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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.
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Get historical rates and the latest gold prices in the UAE, updated thrice daily on https://gulfnews.com/gold-forex
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