Gold prices in Dubai have finally come down after touching a nine-month high yesterday. This reduction follows the prediction that interest rate increases from the US Federal Reserve would slow down.
As of 9:30 AM (UAE time), spot gold was recorded at $1,927 per ounce. Meanwhile, Dubai Jewelry Group statistics reveal that 24K gold is being traded at AED 233.75 per gram today, a decrease from Tuesday’s AED 234.
On the other hand 22K, 21K, and 18K gold opened at AED 216.5, AED 209.5, and AED 179.5 per gram, respectively. A Senior Market Analyst at Oanda, Edward Moya, stated that even though gold prices are still high, they are fluctuating because of concerns about the economy.
In contrast, gold prices in Pakistani markets have reached an all-time high in the last 24 hours, as international rates recovered some of last week’s bullish momentum when the US Dollar fell in global markets.
On Tuesday, gold prices in the Pakistani market jumped by about Rs. 1,150 per tola, with average rates reaching Rs. 189,300 per tola. The price of a 10-gram gold increased by Rs. 986 to Rs. 162,294.