Gold prices in the UAE slipped Dh1 per gram on the first trading day of the week 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 yellow metal 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.
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Globally, spot gold was trading at $2,500.99 per ounce, down 0.2 per cent at 9.10am UAE time.
The rally in gold prices has been mainly driven by expectations of the US Federal Reserve cutting interest rates in September and geopolitical uncertainty in the Middle East.
Ray Jia, research head for China at World Gold Council, said the gold price has been supported by intensifying expectations of a cut from the US Fed in September – which has weakened US Treasury yields and the dollar – and rising safe-haven demand on various fronts.
Emirates NBD Research said 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.