Gold in Dubai drops below Dh500, losing Dh30.5 in one month

Gold prices in Dubai dropped on Tuesday morning to below Dh500, with the precious metal losing Dh30.5 in one month. The 24K variant was trading at Dh497 per gram, down from Dh500.50 at the close of the markets on Monday. The other variants, 22K, 21K, 18K, and 14K, were trading lower at Dh460.25, Dh441.25, Dh378.25, and Dh295 per gram, respectively. Globally, spot gold gained 0.07 per cent, trading at $4,143.48 per ounce. Silver was up 0.52 per cent, trading at $57.44 per ounce. Gold's weekly return remained more stable, with a 0.70 per cent fall on Monday, while silver faced pressure, dropping 6.33 per cent, said financial analyst and chief investment officer at Century Financial, Vijay Valecha.