Old prices plummeted even further on Saturday morning in Dubai. They had already dropped below Dh600 per gram in earlier sessions as people took profits, pushing the price of gold to $5,000 per ounce worldwide. On Saturday, the price of 24K gold fell to Dh589.5 per gram, down from a record high of Dh666 on Thursday evening. This was a loss of Dh76.5 per gram.
Spot gold completed the week at $4,893.2 per ounce, down from a record high of nearly $5,500 that was hit late on Thursday. It fell more than seven percent on Friday, trading below $5,500. This was because the dollar got stronger after a new US Federal Reserve Chair was named.
Silver also took a big hit, dropping 34 percent, or $40 an ounce, during the sell-off. This price reduction and instability caused people in Dubai to panic and sell, which is why there were enormous queues at the Dubai gold market.
Aaron Hill, the chief market analyst at FP Markets, said that even if the price has gone down, it is still a buyers’ market. People are likely to keep buying when the price drops, especially if the yellow metal tests the $5,000 barrier again.
Alex Kuptsikevich, FxPro’s chief market analyst, said that the market finally witnessed the long-awaited upward slide, which pushed out the short sellers and started a big sell-off, which commonly happens after people who were against the market ultimately lose everything.
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