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Thu 16 Aug 2018 09:58 AM

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Gold prices slump to 19-month low

ICBC Standard Bank believes that the fall in gold prices may be close to ending

Gold prices slump to 19-month low

Gold prices fell by more than one percent on Thursday, reaching their lowest point in over 19 months.

According to statistics from the Dubai Gold & Jewellery Group, 24-karat gold was priced at AED 142.25 per gram, compared to AED 133.75 for 22-karat. 

21-karat gold was last priced at AED 127.5, while 18-karat gold was priced at AED 109.25.

The price of spot gold was down 0.8 percent at $1,164.71, and earlier the price of bullion fell 1.2 percent to $1,159.96, the lowest since January 2017.

The price of gold – which often goes up in times of geopolitical uncertainty – has bucked historical trends this year, particularly in August and September which are usually see prices increase an average of 4.1 percent. 

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.