Gold price in Dubai has fallen again; each gram has become cheaper by more than 48 dirhams in a month

On Monday morning, the gold price in Dubai continued its downward trend; a trend that has now become one of the most significant declines in recent months.

Today in the market, 24-carat gold reached 519.75 dirhams per gram; while it was traded at 521.75 dirhams last weekend. This means that even in one day, the decrease has continued.

However, the bigger picture is more concerning:

Since the beginning of June, each gram of 24-carat gold in Dubai has dropped by about 27.75 dirhams, and in the past month, this decrease has exceeded 48 dirhams.

This decline is not limited to 24-carat gold.

22-carat gold has reached 481.25 dirhams, 21-carat gold has reached 461.25 dirhams, 18-carat gold has reached 395.5 dirhams, and 14-carat gold has reached 308.5 dirhams.

In the global market, gold has also faced pressures; each ounce of gold is traded at about $4310, with a decrease of 0.45%.

Why is gold going down?

Despite severe tensions in the Middle East and recent conflicts between Israel and Iran, gold has not risen as investors expected. Attacks on oil facilities and geopolitical concerns have also failed to stop the downward trend.

Experts say this situation indicates that the market is caught in a complex duality:

On one hand, political tensions and regional uncertainties that usually should drive gold prices up,

and on the other hand, economic pressures such as rising interest rates in the U.S. and the strength of the dollar that have reversed the trend.

In simpler terms, gold these days is caught between "political fears" and "tight economic policies," and it is still unclear which side will ultimately prevail in the market.

Source: Gulf Times