Gold prices remain steady in Dubai

21-karat gold is currently priced at AED 131.5 per gram
Gold prices remain steady in Dubai
By Staff writer
Sun 12 Aug 2018 03:41 PM

Gold prices continued to hold firm in Asia after dipping at the end of last week.

According to statistics from the Dubai Gold & Jewellery Group, 24-karat gold was priced AED 146.75 per gram in Dubai, compared to AED 137.75 per gram for 22-karat.

21-karat gold was last priced at AED 131.5 per gram, compared to AED 112.5 per gram for 18-karat gold.

Spot gold stands at $1,212.75 per ounce, slightly higher than the $1,212.12 an ounce recorded on Thursday.

While gold prices often gain during times of geopolitical uncertainty, they have largely failed to benefit from them this year, and have also faced pressures caused by expectations of another interest rate hike in the United States.

Historical data shows that August and September are generally positive months for gold, with prices increasing by an average of 4.1 percent over those months.

According to ICBC Standard Bank, the fall in gold prices may be close to ending and may climb back at high as $1,300 by December.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.