The prices of Gold on Monday slipped Dh1 per gram after hitting an all-time high over the weekend, surpassing Dh300 per gram.
In the UAE, the 24K variant of the yellow metal was trading at Dh302.75 per gram on Monday morning, down Dh1 from last week’s close. The Gold hit an all-time high in the country on Saturday when prices reached Dh303.75 per gram.
Among the other variants, 22K, 21K and 18K were trading at Dh280.25, Dh271.5 and Dh232.75 per gram, respectively.
Internationally, spot gold was trading at $2,500.99 per ounce, down 0.2 per cent at 9.10am UAE time.
The hike in gold prices is mainly because of expectations of the US Federal Reserve cutting interest rates in September and geopolitical uncertainty in the Middle East.
According to Emirates NBD Research gold broke through the $2,500 per ounce level for the first time on Friday, but the precious metal has slipped back below that level in trading this morning but prices are still up around 21 per cent year-to-date.
