A Buying Opportunity In The UAE

Global gold prices held steady on Monday morning. The metal suffered its sharpest weekly decline since June last week. Gold lost over 4 percent of its value, dropping near $4,000 an ounce. In the UAE, local gold prices inched slightly higher today. However, shoppers can still secure excellent grammage for their dirhams.

Current Retail Rates

Shoppers are closely watching the retail boards across Dubai today. 24-karat gold currently costs Dh484 per gram. The highly popular 22-karat gold trades just below the Dh450 mark at Dh448.25. Buyers looking for 18-karat gold will pay Dh368.25. Light-weight 14-karat gold is priced affordably at Dh287.25.

The Federal Reserve Factor

Traders are nervous ahead of the upcoming US Federal Reserve meeting. Hot inflation data initially convinced markets that an October rate hike was certain. However, central bank officials recently dialed back those expectations. Markets now believe there is only a 10 percent chance of a hike this week. Higher borrowing costs generally push gold prices down.

Investors Shift Strategies

Last week’s price drop occurred as investors sold off gold assets. They needed cash to cover massive losses in AI-linked technology stocks. Spot gold inched upwards by 0.32 percent in Dubai trading today. Silver also rose slightly after shedding significant value last week. Find out when you should buy or sell your precious metal assets. 

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