Gold Prices Drop Dh5 Per Gram in Dubai

The Dubai Jewellery Group said on Friday morning that prices for 24K were down at Dh293.50 per gram from Dh298.50 per gram following Thursday’s close.

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Kelvin Wong, a senior market analyst for Asia Pacific at Oanda, said this was due to profit-taking following the recent surge in gold prices.

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According to a market analyst at xs.com, Antonio Ernesto Di Giacomo, gold prices surged to $2,483.00 per ounce on July 17, higher than expected.

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One of the major catalysts was the probability of a 25-basis-point rate cut by the Federal Reserve in September, which was pointed to by CME FedWatch with more than 90% probability.

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The probability of an imminent rate cut into the economy has strengthened on economic indicators foreshadowing a slowdown in the US economy.

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