All gains from July have been erased.

Price of 24K Gold in Dubai has decreased by 102.50 Dirhams from the peak in April, and 22K gold has also dropped by 94.75 Dirhams.

The price of 24K gold reached 479.75 Dirhams per gram at 9:35 AM, which is a decrease of 1.75 Dirhams compared to the rate of 481.50 Dirhams on Thursday.

22K gold, one of the most sought-after types of gold in the market, has also decreased by 1.75 Dirhams, dropping from 446 Dirhams to 444.25 Dirhams per gram.

The rates on Friday brought the price of both types of gold to the lowest level recorded in price data since April 19.

This decrease means that the raw value of gold in a 10-gram purchase, compared to the peak price in April, is now 1,025 Dirhams less for 24K gold and 947.50 Dirhams less for 22K gold; this calculation is made before adding fabrication fees and other seller costs.

Over 100 Dirhams Decrease in 24K Gold

The price of 24K gold in Dubai has decreased by 102.50 Dirhams or about 17.6% from the rate of 582.25 Dirhams per gram on April 19.

The price of 22K gold has also decreased by 94.75 Dirhams from 539 Dirhams per gram during the same period, which also represents a decline of about 17.6%.

Source: Gulf News