Gold Prices in UAE Decline as Dollar Strength Holds Firm
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Gold prices in the UAE declined on Wednesday as the strength of the US dollar hindered an overnight rebound. The decline in gold prices over the past two weeks was driven by dovish signals from major central banks, leading traders to favor the dollar. On March 27, the price of 24K gold dropped by AED1 per gram, falling to AED263.75 from the previous day's closing price of AED264.75. Other variants of gold also saw a decline in prices. Globally, spot gold stabilized at $2,179.98 per ounce. Traders continued to favor the dollar based on dovish signals from the Swiss National Bank and the Bank of England. Key data and comments from top officials later in the week drove flows into the dollar. Gold is expected to benefit from lower interest rates towards the end of the year. Platinum futures in...
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