Dubai: Gold prices in Dubai, United Arab Emirates (UAE), dropped by Dirham 1 per gram at the opening of the markets on Monday, May 26.
According to the Dubai Jewellery Group, the price of 24-carat gold fell to Dh 403.75 (Rs 9,345.16) per gram at 9 am, down from Dh 404.75 per gram at the close of trading on Sunday, May 25.
Other gold variants saw price drops:
- 22-carat: Dh 373.75 (Rs 8,650.78) per gram, up from Dh 374.75 per gram
- 21-carat: Dh 358.25 (Rs 8,292.02) per gram, up from Dh 359.25 per gram
- 18-carat: Dh 307.25 (Rs 7,111.58) per gram, up from Dh 308.25 per gram
In the international markets, spot gold was trading at USD 3,350.20 (Rs 2,85,134.68) per ounce, reflecting a 0.25 percent decrease. The drop followed US President Donald Trump’s decision on Sunday to extend the European Union (EU) import deadline to 9 July, a move that slightly eased global trade tensions.
On Friday, May 23, Trump said that he was recommending a 50 percent tariff to take effect on June 1 due to frustration that talks with the EU were not progressing quickly enough.
While gold is traditionally viewed as a safe-haven asset during times of geopolitical and economic instability, recent weeks have seen significant volatility in its pricing after the precious metal reached record highs.
Looking ahead, investor attention is turning to key economic updates from the United States. This week, markets will closely watch data releases on GDP, consumer confidence, and inflation. Minutes from the latest Federal Open Market Committee (FOMC) meeting are also due, alongside a series of speeches by Federal Reserve officials. These developments are expected to offer further clues on the direction of US monetary policy and global gold price trends.
