Gold price drops to its lowest in 9 months
Dubai: The precious metal has broken the closely watched $1,200 support level, as it plunged to its lowest in nine months on Wednesday.
Gold’s series of declines following the election of Donald Trump in the US has also resulted in an uptick in physical buying at jewellery stores in Dubai.
As of 8:28pm, 24K was retailing in Dubai at Dh143.50 per gram, down by a whopping Dh14.50 since its peak in the wake of Trump’s victory (November 7).
Spot gold slumped to $1,181.45 per ounce on the same day, the lowest since February 10, according to Reuters.The bullion had earlier dropped to a five-month low, just a few days after Trump won.
Analysts are betting on this trend to continue on heightened interest rate increase expectations.