Dubai 24-carat gold price today dips to two-week low at AED404 amid easing geopolitical tensions.
Gold prices saw a decline, reaching a near two-week low on Tuesday as risk appetite improved following U.S. President Donald Trump’s announcement that Iran and Israel had agreed to a ceasefire, which diminished demand for safe-haven assets.
In Dubai, gold rates witnessed a drop, with 24-carat gold decreasing by AED0.75 to AED404.00, and 22-carat gold also falling AED0.75 to AED374.25. Moreover, 21-carat gold decreased to AED358.75, while 18-carat gold dropped to AED307.50.
Spot gold was down 0.5 percent, trading at $3,351.47 an ounce as of 02:57 GMT (currently above $3,350), after reaching its lowest level since June 11 earlier in the session. U.S. gold futures slipped by 0.9 percent to $3,365.30 (currently trading above $3,364).
Global shares rallied, while oil prices fell to a one-week low following Trump’s announcement regarding the Iran-Israel ceasefire. Meanwhile, U.S. Federal Reserve Vice Chair for Supervision Michelle Bowman stated on Monday that the time for cutting interest rates is approaching due to potential risks to the job market.
Source: Economymiddleeast
