The decline in prices could be short-lived, however, as analysts predicted the precious metal will rise again this week to $1,298 an ounce due to geopolitical tensions in the Middle East and a US-China trade war.
Gold jewellery buyers can now enjoy the lowest rates as UAE jewellers have cut prices in line with falling gold rates and a strengthening US dollar amid concerns surrounding Europe’s parliamentary elections. Monday saw a drop in gold prices by approximately AED2.50 per gram with 24-karat gold selling at a 1.6% price drop from AED157 per gram last May 20 to AED154.50. Rates of 22-karat gold also fell by the same margin to AED145.25, while 21K and 18K dropped to AED138.50 and AED118.75, respectively.
However, this could be a temporary decline as analysts predicted the yellow metal could rise again this week to $1298 an ounce owing to the ongoing geopolitical tensions in the Middle East ans a US-China trade war.
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