Big drop in gold prices in UAE; Photo: File
Abu Dhabi: Gold prices in the UAE have fallen to a historic low of four dirhams per gram, with further declines likely.
According to Arab media, a big drop in gold prices has been seen in the United Arab Emirates at the beginning of this week. The price of one gram of 24-karat gold rose to 220.75 dirhams from 216 dirhams earlier.
Similarly, the price of 22 carat gold decreased by 3.75 per gram to 204.05 dirhams. The price of 21 carat gold dropped by 3.05 dirhams to 198 dirhams per gram.
Also, the price of 18 karat gold fell by 3.25 dirhams to 179.75 dirhams per gram. There is no significant increase in the number of buyers due to the decrease in gold prices in Sarafa Bazaar.
Shoppers say that local buyers seem to be waiting for a further drop in prices while only foreign tourists are currently buying gold.
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