Dubai gold rates fall to lowest in weeks

Dubai:  Gold jewellery rates have just fallen to their lowest levels in weeks, giving jewellery fans in the UAE more opportunities to score some bargains. After soaring to more than Dh160 per gram, 24-karat gold plunged to Dh154.50 on Monday, down by nearly 5 per cent from last month’s peak prices. As of 9.40 am, 24K is cheaper by Dh7.25 per gram compared to last September 5, when prices rallied to Dh161.75. Other gold items dropped as well, with 22K now selling at Dh145, while 21K and 18K also fell to Dh138.50 and Dh118.75, respectively. The value of the bullion fell to its lowest since mid-August at $1273.90 an ounce, before settling at $1276.47 by 0042 GMT, according to Reuters. Ole Hansen of Saxo Bank said the precious metal has now retraced half of the $150 rally witnessed between July and early September. He noted that price corrections are healthy, as long as they do not become too deep. “Gold has, however, been trading sideways for the past four years, with the price averaging $1,235 an ounce during this time,” Hansen wrote on Friday. “With the latest developments, the chance of this range being broken any time soon has diminished once again. The early September rally fell short of challenging the 2016 high at $1,375 an ounce, and so we are seeing an increased risk of the market staving range-bound for longer.”