Dubai Gold Prices Hold Firm Amid Fed Rate Outlook Uncertainty

Dubai's gold prices held steady near recent highs on Thursday morning as investors looked for fresh signals from the US Federal Reserve. The 24K variant was trading at Dh556.50, up from Dh554.25 at Tuesday's close.

The other variants of gold, including 22K, 21K, 18K, and 14K, were also trading higher, with prices at Dh515.25, Dh494, Dh423.50, and Dh330.25 respectively.

Vijay Valecha, CIO of Century Financial, attributed gold's steady performance to the US Treasury's plan to increase buybacks of long-dated bonds, which put pressure on the dollar.

Globally, spot gold was trading at $4,620 per ounce, up 0.49% from the previous day. Silver also rose 1.41%, trading at $69.01 per ounce.