UAE Gold Prices Fall as Global Ounce Price Drops to $4,146
Gold prices in the United Arab Emirates declined as the global price of the precious metal fell to $4,146 an ounce amid strong selling pressure.
The retreat came as the US dollar strengthened and US bond yields rose, weighing on demand for gold in international markets.
A stronger dollar generally makes dollar-priced gold more expensive for buyers using other currencies. Higher bond yields can also reduce the appeal of gold, which does not pay interest.
The global downturn fed through to UAE gold prices, linking the local decline to the broader sell-off in the precious metal.
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