Gold Prices Rise in UAE, but Dollar Strength Limits Record Highs
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Gold prices in the UAE increased on Monday but remained lower than recent record highs due to the strong performance of the US dollar. The price of 24K gold in the UAE is AED262.50, 22K gold is AED243.25, 21K gold is AED235.25, and 18K gold is AED201.75. The decline in gold prices from its record highs was driven by expectations of interest rate cuts from the US Federal Reserve and a shift towards the dollar as a high-yielding and low-risk currency .
Gold prices slipped on Friday as the dollar strengthened, but were still on track for a weekly gain after rallying to a record high in the previous session. Spot gold was down 0.9% at $2,160.63 per ounce as of 2:13 p.m. EDT (1813 GMT), and was up 0.2% for the week. US gold futures settled 1.1% lower at $2,160. The dollar hit its highest level...
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