Dubai Gold Prices Plunge Amid US Rate Fears

Dubai gold prices fell on Tuesday due to renewed US interest-rate concerns. The price of 24K gold dropped to Dh533.50 per gram from yesterday's close of Dh536.25, while 22K gold fell to Dh494 from Dh496.50.

This means both popular grades are Dh2.75 per gram cheaper than Monday's closing rates. International gold prices remain subdued, with traders weighing renewed Middle East tensions against the possibility of higher US interest rates.

Reuters reported that spot gold was down 0.4 percent at $4,428.54 an ounce early Tuesday, after hitting its lowest level since August 19 in the previous session.

Average UAE shoppers can now purchase a 10-gram bar of 24K gold for Dh527 per gram, which is Dh27.50 cheaper than Monday's closing price. Similarly, a 22K gold bar costs Dh487 per gram, down from Dh496.50 on Monday.