Dubai Gold Prices Plummet Amid Global Market Shifts

Dubai's gold market experienced a decline on Thursday, as the prices of 24K, 22K, and 18K gold fell to Dh518 per gram, Dh479.50 per gram, and Dh394.25 per gram respectively.

This movement comes after the US Federal Reserve raised interest rates by 25 basis points to a target range of 3.75% to 4%, which can weigh on gold due to higher yields making interest-bearing assets more appealing.

The global market is still digesting this decision, with spot gold rising 0.8% to $4,295.26 an ounce, but US gold futures for December delivery falling 1.2% to $4,333.90.