UAE jewellery shops cut prices as gold drops, US dollar strengthens

Now could be the appropriate time for patrons to purchase gold within the UAE, as jewelry retailers throughout the emirates have reduce costs in keeping with falling gold charges and a strengthening US greenback amid issues surrounding Europe’s parliamentary elections.

UAE jewelry shops and souks posted an roughly AED2.50 per gram worth drop on Monday, with 24-karat gold promoting at a 1.6% worth drop from AED157 per gram final Could 20 to AED154.50.

Charges of 22-karat gold additionally fell by the identical margin to AED145.25, whereas 21Ok and 18Ok dropped to AED138.50 and AED118.75, respectively.

The decline in costs could possibly be short-lived, nevertheless, as analysts predicted the dear metallic will rise once more this week to $1,298 an oz. because of geopolitical tensions within the Center East and a US-China commerce warfare.

The UAE on Sunday mentioned it should introduce plenty of new programmes aimed toward standardising measurements used throughout a spread of sectors, together with jewelry merchandise and taxi fares.

The Emirates Authority for Standardisation and Metrology (ESMA) is working with the private and non-private sectors to develop new authorized and scientific standardisation programmes, mentioned Eng. Amina Zainal, Director of the Standardisation Administration on the authority.

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