Dubai: Retail gold prices continue their losing streak on Wednesday as the market awaits fresh announcement that the Federal Reserve would adjust the interest rates before the end of the year.
The precious metal, as of Wednesday morning, was retailing at Dh135.50 per gram for 24-carat gold, down from Dh136.25 a day earlier. The price for 22K dropped to Dh128.75 per gram, while 21K and 18K edged down further to Dh123.50 and Dh107, respectively.
The United States Federal Reserve provided new clues on the possibility of an increase, days after announcing that it has stood pat on a rate adjustment. Federal Reserve chair Janet Yellen said recently that the United States central bank would likely increase the interest rates later this year.
Investors are waiting for Yellen to deliver her remarks later on Wednesday, 3pm Eastern time, at the Federal Reserve conference in the US.
As of New York closing time on Tuesday, spot gold stood at $1,128.50 an ounce, down from $1,135.50 a month earlier.
Asian stocks, on the other hand, rallied on Wednesday after tumbling to their lowest level in three years.
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