As of the 1st of November, gold loses its glitter. The value drops to Dhs 7 per gram, over a seven-week period in a violent turn of economic events.
The price of 24 carat gold has dropped to Dhs 153.75, the lowest value seen since September 12. The value of other jewelry pieces too have fallen, with 22 carat at a price of Dhs 144.50, 21 carat a value of Dhs 138 and 18 carat a price tag of Dhs 118.25 per gram.
Spot gold is priced at a value of $1,267.70 an ounce, a huge variation from it value of $ 1, 306.04 on October 16. A series of developments and announcements has affected the metals’ value.
The US Federal Reserve is set to meet again on November 1, 2017, while President Donald Trump is expected to reveal his choice for the next chairman of the monetary policy-making body.
“[The Fed] meeting on Wednesday, a potential US Fed chair announcement on Thursday followed by the monthly US job report on Friday are just some of the drivers that the market has to deal with,” noted Ole Hansen, chief commodity strategy of Saxo Bank.
According to Moneycontrol.com, gold prices are likely to drop further. “We expect gold prices to trade lower as the slew of economic events due to be released this week and the US Fed meeting is factors to be closely watched for.”
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