There are many reasons for Dubai to be called the City of Gold. The city is famous, especially among the tourists and ex-pats community. There are many reasons for purchasing Gold from Dubai. Hence it is advisable to know the gold rates fluctuating in the UAE.
UAE gold prices slipped down on Wednesday after soaring high in the previous session.
Dubai’s precious metal saw a fall based on the expectations of slower interest rate hikes from the US Federal Reserve.
The Dubai Jewellery Group data exhibited 24K trading at Dh233.75 per gram on Wednesday, which is low compared to Dh234.0 at the close of the markets on Tuesday.
Among the other forms of yellow metal, 22K opened at Dh216.5 per gram, 21K at Dh209.5, and 18K at Dh179.5 per gram.
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On this basis, investors are expecting the Fed to increase the rates by 25 basis points at its policy meeting next week. The US central bank also slowed its rate to 50 bps in December, based on four straight 75-bp hikes.
Edward Moya, a senior market analyst at Oanda, stated that gold prices remain high but are also wavering after resulting in the decline in the growth of fears and after unimaginable PMI data.
He added, “Gold appears balanced to reduce here until we get beyond Q4 GDP and the FOMC (Federal Open Market Committee) decision. Subsequently, earnings have been arriving in soft, and a weakening economy should stabilize the flow of Gold.”
Spot gold was reported down at $1927.94 per ounce, aof9am UAE time.
The price of Gold is lower initially than it is in most countries, as there are no taxes imposed on its purchase. The excellent market of Dubai tracks global prices, ensuring undisturbed pricing in stores throughout the UAE.
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The UAE is a junction of Gold, and there are many reasons responsible for the fluctuations in gold prices. The above report mentions the low rates of reasonable prices compared to the previous one, which is being affected globally.