Dubai Gold Prices Jump Amid Fed Rate Hike

Dubai gold prices surged on Thursday morning after the US Federal Reserve raised interest rates for the first time in three years. The price of 24K gold rose to Dh518 per gram, up from Dh512 per gram at the previous day's close.

The other variants, including 22K, 21K, 18K, and 14K, also traded higher at Dh479.50, Dh459.75, Dh394.25, and Dh307.50 per gram, respectively.

In contrast, globally, spot gold was trading at $4,297.61 per ounce, down 1.13 per cent from the previous day's close, while silver was down 1.12 per cent at $63.72.