24-Karat Gold in Dubai Drops 21.50 Dirhams in Five Days
The price of a gram of 24-karat gold in Dubai dropped from 504.25 dirhams to 482.75 dirhams over five days, a decline of 21.50 dirhams, as spot gold fell to $4,013.83 per ounce.
The price of a gram of 24-karat gold in Dubai dropped from 504.25 dirhams at the beginning of the week to 482.75 dirhams, marking a decline of 21.50 dirhams over five days, according to Gulf News.
The price of 22-karat gold dropped below 450 dirhams, while 18-karat gold reached around 367.50 dirhams per gram.
This decline came as spot gold briefly dipped below $4,000 per ounce, before trading at $4,013.83, down 0.76%, by 10:45 AM Dubai time. Silver dropped to $54.09 per ounce, down 1.55%.
Traders are watching the $4,000 level as key support, pointing to $3,960 if broken, while prices need to surpass the $4,100 to $4,110 range to regain upward momentum.
What do these terms mean?
Karat: A measure of gold purity; 24-karat means nearly 100% pure gold, while 22-karat contains a lower percentage of pure gold.
Support Level: A price at which the metal tends to find buyers, limiting its fall below it for a period.
Resistance Level: A price at which the metal faces difficulty rising above due to a large number of sellers.
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