Dubai Gold Prices Plummet Ahead of Fed Decision

Gold prices in Dubai dropped on Tuesday morning, reaching Dh487.50 per gram for 24-karat gold, down from Dh491 on Monday.

This decline placed both 24-karat and 22-karat varieties at the same levels recorded on July 23, after several days of gains during the final week of the month.

The Federal Reserve's interest-rate decision on Wednesday weighed on international gold prices, which fell by as much as 0.8% to trade near $4,040 an ounce.

Ahmad Assiri, Research Strategist at Pepperston, noted that 'gold continues to consolidate within a 5% range this month' due to competing macro stories.