Gold prices in Dubai experienced a significant drop on Monday. The price of 24-carat gold fell by more than 26 dirhams per gram at the start of the market, decreasing by over 100 dirhams compared to last week's highest price.

According to data from the Dubai Jewelers Group, the price of 24-carat gold dropped from 589.5 dirhams per gram last week to 563.25 dirhams on Monday, which is a decrease of 26.25 dirhams. This type of gold has fallen by 102.75 dirhams since its peak price on Thursday, which reached 666 dirhams.

Prices of other types of gold also decreased. 22-carat gold reached 521.5 dirhams, 21-carat gold reached 500 dirhams, 18-carat gold reached 428.75 dirhams, and 14-carat gold reached 334.25 dirhams per gram. Last month, the prices of 24 and 22-carat gold had crossed the 600 dirham mark in Dubai for the first time.

In the global market, the price of each ounce of gold reached 4651.34 dollars, indicating a nearly 5 percent decrease. The strengthening of the US dollar has been the main factor behind this drop in gold prices in Dubai and other markets. Residents and investors in the UAE took advantage of high prices to sell their gold and silver assets.

Experts say the recent wave of gold and silver sales is the result of a complex interplay of psychological and behavioral factors among investors. After reaching new records, markets are rarely driven by a single factor, and investors' decisions are more influenced by the fear of losing accumulated profits and changes in macroeconomic expectations.

Source: Gulf Times