The fall in prices is significant for UAE residents, where gold plays a key role in savings and investments
Gold has gained nearly 22 per cent so far this year with geopolitical tensions and uncertainty created by the upcoming US elections
Enthusiasm over a likely interest rate cut by the US Federal Reserve in September propelled bullion to an all-time high of $2,509.65 on August 16
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The combination of bearish and bullish factors for gold may end up having the effect of keeping the price in a relatively narrow range for the rest of the year
The budget has introduced changes for NRIs such as an increase in the rate of capital gains and remittances
Over the next six to 12 months, Citi expects gold to rise $2,700-$3,000 per ounce and silver to climb $38 per ounce
Demand for gold from central banks has been elevated in the last two years as some countries diversify their foreign currency reserves
While oil prices rose over 1 per cent on Monday in muted trade, gold hit a record high of $2,449.89 last week, but has shed more than $100 since then
Traders’ bets signalled growing doubts that the Fed will cut rates more than once in 2024
Spot gold was up 0.6 per cent at $2,345.56 per ounce, in early trade on Thursday
US gold futures settled 1.6 per cent higher to $2,345.4
Bullion has hit record highs in each session for over a week over data from the US economy
Gold logged its best month since July 2020, at a 9 per cent increase, and a second straight quarterly rise
Gold set a record peak of $2,194.99 for the fourth straight day on Friday after data signalled a cooling US labour market
Some investors also expect a widening crisis could prompt safe-haven buying of Treasuries
Oil and gas markets have been where the nervousness has been most evident due to fears that Israel could become bigger
Spot gold was up 0.1 per cent at $2,042.01 per ounce, as of 5.34am GMT
The coins will be made available for purchase after Ramadan
Spot gold was little changed at $1,845.34 an ounce as of 8:52 a.m. in Singapore, after falling 0.5 per cent on Monday
The exchange reported a 78 per cent increase in the volume of gold contracts traded on the exchange compared to previous year
Gold tends to have a negative correlation with the dollar and rates as it does not bear interest and is priced in the US currency
Spot gold was little changed at $1,674.62 an ounce as of 7.48am in Singapore
Bullion ended 1.3 per cent lower on Tuesday after the consumer-price index figures were released
Bullion has mainly fluctuated between $1,700 an ounce and $1,720 in September after several months of declines
Online sales reached $29m, accounting for 3 per cent of total sales from January through August
Central banks globally are set to keep raising interest rates to fight inflation, weighing on non-yielding assets like gold
Bullion ended Monday little changed after tumbling to the lowest level in a month