Gold prices (24) and (22) continued to fall in the local markets of the United Arab Emirates.
The price of one gram of gold (24) was 142.25 dirhams today compared to 143.75 dirhams yesterday, recording a decline of 1.50 dirhams
The price of one gram of gold (22) fell to 133.75 dirhams compared to 135.00 dirhams yesterday, a decline of 1.25 dirhams.
The price of the yellow metal fell more than 3 dirhams during the week, compared to levels last week.
The decline in prices contributed to the increase in the rate of interest in the purchase of gold and jewelry, in conjunction with the approaching Eid al-Adha and the purchase of gifts of different caliber, as well as some traders fear of recording prices for high rises during the coming period.
The yellow metal fell as the stock market rebounded after China and the United States announced trade talks later in August.
During the session, gold received some support from the dollar’s decline in trading, before the US currency stabilized, to drop the yellow metal at the settlement and continue trading below the level of 1200 dollars.
The gold had suffered a strong loss in yesterday’s session, losing about 16 dollars with the US dollar reaching a high level in 16 months.
In economic data, US jobless claims fell in contrast to estimates last week, and Philadelphia industrial activity fell to a 21-month low.
At the settlement, the price of gold for December delivery fell 0.1% to $ 1184 an ounce.
By 5:45 pm GMT, the spot price for the yellow metal was settled at $ 1175.49 an ounce.
During the same period, the major dollar index, which measures the performance of the currency against 6 major currencies, stabilized at 96.663.