Dubai Gold Prices Drop After US Fed Decision

Dubai's gold prices dropped on Thursday morning after the latest US Federal Reserve decision. The price of 24-karat gold in Dubai fell to Dh487.50 per gram, down from Dh491.50. This decline comes after a volatile month for gold prices in Dubai, which saw the 24-karat rate fluctuate between Dh481.50 and Dh503 per gram.

Gold prices had risen on Wednesday, but Thursday's drop leaves the metal at Dh15.50 below its highest level recorded during July. The price of 22-karat gold also declined, falling to Dh451.50 from Dh455. This follows a similar pattern seen in the 24-karat rate, which rose to Dh466 early in the month before declining.

The global gold price held steady near $4,060 an ounce after advancing almost 1% on Wednesday. The US Federal Reserve kept interest rates unchanged in a 9-3 vote, with some policymakers indicating that higher borrowing costs may still be required to control inflation.