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Dubai: Gold prices drop

Dubai: Gold prices dropped again on Thursday as the bullion took a hit from the strengthening of the US dollar and profit taking by investors.

Retail rates in Dubai dropped as much as .50 fils per gram as of 2pm, with 24-karat gold trading at Dh162.50, down from Dh163 on Wednesday’s close. The prices for 22K, 21K and 18K also declined to Dh152.75, Dh145.75 and Dh125 per gram, respectively.

In Asia trade, spot gold slipped 0.3 per cent to $1,343.61 an ounce at 0336 GMT, according to Reuters. The precious metal had earlier gone up as much as 1.3 per cent, hitting the week’s high of $1,357.17 an ounce following the decline in US dollar.

Investors are awaiting the latest data on US unemployment, expected to be out later on Thursday. Any signs of economic stability could put pressure on precious metal rates.

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Article from: Gulf News