The 24-karat variety was priced at Dh522.50 per gram, down Dh3.50 from Dh526 on Tuesday. The 22-karat rate fell to Dh483.75 from Dh487, a decline of Dh3.25 per gram.
The latest move leaves 24K gold Dh8.25 below Monday’s Dh530.75 level, while 22K has fallen Dh7.75 from Dh491.50 over the same period.
Prices retreat from August highs
Gold prices in Dubai have moved through a wide range during August. The 24K rate began the month at Dh487.25 before climbing above Dh500 and reaching Dh533.25 on August 12, the highest level among the rates provided for the month.
Wednesday’s Dh522.50 rate is Dh10.75 below that August 12 level, although it remains Dh35.25 higher than the price recorded on August 1.
The 22K variety followed a similar path, rising from Dh451.25 at the start of August to Dh494 on August 12 before easing back to Dh483.75 on Wednesday.
Global gold recovers after Tuesday drop
Global bullion prices moved higher on Wednesday after a sell-off in US bonds eased, reducing some of the pressure that had pushed gold down by almost 2% in the previous session.
Nivetha Dayanand is Assistant Business Editor at Gulf News, where she spends her days unpacking money, markets, aviation, and the big shifts shaping life in the Gulf. Before returning to Gulf News, she launched Finance Middle East, complete with a podcast and video series.
Her reporting has taken her from breaking spot news to long-form features and high-profile interviews. Nivetha has interviewed Prince Khaled bin Alwaleed Al Saud, Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu, IMF’s Jihad Azour, and a long list of CEOs, regulators, and founders who are reshaping the region’s economy.
An Erasmus Mundus journalism alum, Nivetha has shared classrooms and newsrooms with journalists from more than 40 countries, which probably explains her weakness for data, context, and a good follow-up question.
When she is away from her keyboard (AFK), you are most likely to find her at the gym with an Eminem playlist, bingeing One Piece, or exploring games on her PS5.