Dubai Gold Prices Dip After Touching 24K High Amid Fed Rate Hike Fears
Dubai's gold prices dipped on Monday morning after touching a high of Dh542 per gram for 24-karat gold last week. The 24-karat rate fell by Dh3.50 per gram from Sunday's level to Dh530.25 per gram at 8:50 am, while the 22-karat variety dropped by Dh3.25 to Dh491.
The prices of other varieties also declined, with 21-karat gold falling to Dh470.75 and 18-karat gold reaching Dh403.50. The decline comes after a volatile opening week for gold buyers in Dubai, which saw prices above the September starting point despite retreating from the month's high.
The global gold market also extended its decline, with international gold falling by as much as 0.9% and briefly slipping below $4,400 an ounce before recovering part of the loss. The US Federal Reserve's interest rate decision on September 15-16 remains a key focus for traders, with expectations of a 60% probability of a rate hike.