Gold prices dropped despite the steep drop in the US dollar due to hopes of reducing Middle East tensions.
The market saw some profit-taking and further pressure from the announcement of fund manager Scott Bessent as the next U.S. Treasury Secretary, which caused gold prices to retreat after reaching a three-week high on Monday and ending the five-day rally.
Gold prices dropped sharply in the United Arab Emirates, with 24-carat gold falling AED5.75 to AED323.50 and 22-carat gold dropping AED5.5 to AED299.50. 18-carat gold dropped AED4.5 to AED248.50, while 21-carat gold dropped AED5.25 to AED290.
Around the world, spot gold fell 1.97 percent to $2,662.95 an ounce at 6:09 GMT, after earlier in the day reaching its highest level since November 6. The price of gold increased by nearly 35%.
