Dubai Gold Prices Slip to Two-Day Low Amid Global Market Caution
Dubai gold prices continued their decline on Wednesday, offering buyers lower retail rates after consecutive daily drops this week. According to the Dubai Jewellery Group, the suggested retail price for 24K gold on Wednesday stood at Dh485.25 per gram, down Dh1.75 from Tuesday's Dh487.00 and Dh7.50 lower than Monday's Dh492.75.
The downward trend seen since Monday gives jewellery buyers slightly more favourable prices across the emirate. Meanwhile, silver edged higher, while platinum and palladium traded lower in international markets.
Market attention remained fixed on the US Federal Reserve's policy announcement, with investors looking for guidance on inflation and future interest rate moves. Spot gold was little changed at $4,024.54 per ounce during early Wednesday trading, while US gold futures for August delivery slipped 0.4 percent to $4,023.30 per ounce.