UAE Gold Prices Retreat from August High
Gold prices in the UAE retreated from their highest levels of August on Thursday morning, offering buyers some relief. The price of 24-karat gold decreased by Dh3.50 to Dh529.75 per gram at 9:24 am, down from Dh533.25 on Wednesday.
The decline comes after rates rose to their highest levels this month earlier in the week. Despite Thursday's pullback, prices remain above where they started August. Twenty-four-karat gold is still Dh42.50 higher than its August 1 level of Dh487.25, and 22-karat gold has gained Dh39.50 from Dh451.25 over the same period.
Global gold held steady near $4,400 an ounce after softer US inflation data reduced pressure on the Federal Reserve to raise interest rates. The metal's price initially softened during the opening days of August but began a sustained climb, reaching above Dh500 by August 6 and eventually reaching Dh533.25 on August 12.