Gold steadies after worst October since 2008
Prices rebound in Dubai and globally as bargain hunters return following sharp losses.
At a glance
- 24-karat gold in UAE rose to Dh470.25 per gram on Monday morning
- Spot gold rebounded 0.72 per cent to $3,913 an ounce after Friday's 3.7 per cent drop
- October was gold's worst month since 2008
- Cheaper oil and easing tech sector losses provided support for prices
Gold prices edged higher in the UAE on Monday, with 24-karat gold trading at Dh470.25 per gram, up from Dh467 at the previous close. Spot gold rose 0.72 per cent to $3,913 an ounce, rebounding after a 3.7 per cent slump on Friday that took prices to their lowest level in a year. October marked the metal's worst month since 2008.
The recovery follows bargain-hunting activity and relief from cheaper oil prices. A global technology sector selloff had pressured gold as investors sold bullion to cover equity losses. Market analysts noted that breaking below $4,000 has tested confidence, though initial stability suggests selling pressure has eased.
Why it matters
Gold price movements affect investment portfolios and inflation expectations globally. Recent volatility reflects broader market uncertainty and shifts in investor sentiment across commodities and equities.
Original reporting
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