Dubai: Gold seems to have run out of steam this week, with retail prices inching down slightly in Dubai on Tuesday despite a weaker US dollar and volatile stock markets.
The price of 24-carat gold dropped by 50 fils to Dh149.75 per gram from a high of Dh150.25 on Monday. Other gold pieces posted a decline as well, with 22K retailing at Dh140.75, 21K at Dh134.25 and 18K at Dh115 per gram.
In Asian trade, spot gold eased 0.3 per cent to $1,234.16 per ounce by 9.53am, according to Reuters.
Karim Merchant, CEO and managing director of Pure Gold Jewellers in Dubai, said the precious metal’s recent decline has been triggered by prevailing market sentiments. However, the bullion will likely gain some lift if there are negative economic data coming out of the United States.
“Gold is range-bound at the moment. A small price movement in gold cannot be linked to particular causes, it is purely based on market sentiments. Gold should go higher if poor data comes out of the US,” Merchant told Gulf News.
The Asian stock markets tumbled on Tuesday ahead of the Bank of Japan and United States Federal Reserve policy meetings.
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