Gold prices in Dubai continued their downward trend on Friday, dropping nearly Dh8 per gram over the course of the day, Khaleej Times.

The 24-carat gold, which is the most popular variant among investors, was selling for Dh290.75 per gram at the close of markets, down from Dh298.5 per gram the previous day - a decline of Dh7.75 per gram.

Other gold variants also saw similar drops, with 22-carat, 21-carat, and 18-carat gold trading at Dh269.25, Dh260.75, and Dh223.5 per gram respectively.

Globally, spot gold prices fell to $2,406 per ounce on Friday, a 1.46% decrease, as investors took profits following a strong rally in the past few weeks. The yellow metal had earlier dipped below the $2,400 per ounce mark before recovering slightly.

Despite the recent pullback, gold has performed remarkably well in 2024, outpacing most major asset classes. Analysts attribute this to continued central bank buying, strong investment flows from Asia, resilient consumer demand, and persistent geopolitical uncertainties.