Gold prices in Dubai continued to decline, tracking global market trends. Over the past week, prices have dropped by 15 dirhams per gram. As of this morning, 24-carat gold is priced at 558 dirhams per gram, down from 561 dirhams the previous day. Similarly, 22-carat gold fell to 516.75 dirhams from 519.50 dirhams. Prices have steadily declined from around 573 dirhams at the start of April.
Internationally, gold prices slipped below $4,620 per ounce, recording a drop of more than 2 percent over the last two sessions. Analysts attribute the decline to rising US Treasury yields, which increased from 4.3 percent to 4.4 percent, along with a stronger US dollar.
Gold, which does not offer interest returns, typically loses appeal when yields rise, making other investments more attractive. Ongoing geopolitical tensions, including the conflict involving Iran and warnings issued by Donald Trump, have also influenced market sentiment.
Higher oil prices and persistent inflation concerns are reducing expectations of interest rate cuts, further pressuring gold prices in both global and local markets.
