Dubai gold prices drop Dh34 per gram in a month

Gold price is expected to drop below $3,000 per ounce in the near future as risk appetite is growing among investors, reducing demand for safe-haven commodities. After hitting an all-time high of $3,500 per ounce on April 22, the precious metal has fallen 8.5 per cent to $3,201 per ounce in nearly a month. In Dubai, prices have fallen around 8.1 per cent or Dh34 per gram to Dh386 on May 18, down from an all-time high of Dh420 in April.

The prices have rallied over the past few months due to the central bank’s buying, the US tariffs row, and geopolitical tensions around the world. However, as the US and China reached a trade deal, the prices of the yellow metal dropped significant