More savings as UAE gold prices drop Dh6.50 per gram in 2 weeks; further declines expected

> Gold News > More savings as UAE gold prices drop Dh6.50 per gram in 2 weeks; further declines expected

Further declines in gold expected to hit the UAE

Date: 03/08/2019 | Source: http://gulfnews.com

It was a tough couple of weekd for UAE as gold prices dropped Dh6.50 per gram in 2 weeks. As of Wednesday morning, 24K was already retailing at Dh156 per gram, down by a whopping Dh6.50 from two weeks ago, when prices soared to Dh162.50 per gram. Today’s buyers will also get to spend less on other jewellery pieces, with the 22K now selling at Dh146.50, 21K at Dh139.75 and 18K at Dh119.75.

More savings as UAE gold prices drop Dh6.50 per gram in 2 weeks; further declines expected

This week, the price for 24-karat (24k) gold could decline to Dh153 per gram, according to Devesh Mamtani, head of investments and advisory for financial markets at Century Financial.Over the long term, however, analysts are betting on gold to stage further rallies, with prices forecast to hit $1,400 an ounce at the end of the year.