Dubai Gold Prices Dip Amid Fed Comments and US-Iran Tensions
Gold prices in Dubai have dropped slightly due to caution among global traders monitoring developments in US-Iran talks and comments from Federal Reserve officials.
The price of 24-karat gold fell by Dh2.5, trading at Dh523.50 compared to Dh526 on Monday. Meanwhile, 18-karat gold is still below Dh400 at Dh398.50 and 22-karat gold priced at Dh484.75 versus Dh487 yesterday.
Bullion prices have also seen a decline, wiping out a modest rise from the previous session, trading at $4,342 an ounce. The price drop comes as several Federal Reserve officials expressed inflation concerns following the central bank's first rate increase in three years last week.
The US-Iran conflict is also keeping markets on edge with President Donald Trump describing a meeting between US and Iranian representatives as 'very good', reviving hopes for a diplomatic exit. Oil prices have been fluctuating, and gold has been reacting to recent oil price swings.