Dubai: The bullion edged lower on early Tuesday after rising to a one-month high, offering jewellery fans in the UAE some kind of relief from high retail prices.
Spot gold inched down by 0.2 per cent to $1,252.90 per ounce at 0050 GMT, according to Reuters. The precious metal had earlier touched $1,258.79 an ounce in the earlier session, the highest since June 23.
Gold’s performance has been somewhat dampened by a firmer US greenback, which is getting support from solid data on the US economy, and speculations ahead of the US Federal Reserve meeting.
In the UAE, 24K gold was retailing at Dh152.25 per gram as of 12 noon. Today's prices are lower compared to previous sessions, such as last June 7, 2017, when 24K retailed as much as Dh156.50 per gram.
Looking at historical retail prices, however, would show that yellow metal fans in Dubai are now paying more for their gold than they used to in the beginning of the year.
Last January 1, the price for 24K was pegged at Dh139.50, a cool bargain when compared to today’s price, or more than Dh12 cheaper per gram.
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