Dubai: Gold prices in Dubai fell on Thursday morning, giving jewellery buyers lower rates after prices climbed during the previous session.
The 24-karat variety stood at Dh487.50 per gram at 9.54 am, down Dh4 from Dh491.50. The 22-karat rate declined by Dh3.50 to Dh451.50 from Dh455.
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Prices retreat after Wednesday’s rise
Thursday’s decline followed a volatile month for Dubai gold prices, with the 24-karat rate moving between Dh481.50 and Dh503 per gram.
The metal reached Dh503 on July 5 before falling to Dh481.50 on July 17. Prices then rebounded to Dh500.75 on July 22, before retreating to Dh485 on July 28 and recovering to Dh491.50 on Wednesday.
Thursday’s rate leaves 24-karat gold Dh15.50 below its highest level recorded during July, although it remains Dh6 above the month’s low.
The 22-karat variety followed a similar pattern, rising to Dh466 early in the month before declining to Dh446 in mid-July. It briefly recovered to Dh463.75 on July 22 before falling back to Dh451.50 on Thursday.
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International gold held a modest gain near $4,060 an ounce after advancing almost 1% on Wednesday.
The US Federal Reserve kept interest rates unchanged in a 9-3 vote, although the split decision indicated that some policymakers believe higher borrowing costs may still be required to control inflation.
Fed Chairman Kevin Warsh said, “If inflation continues to be elevated through the forecast period, interest rates could well be part of that solution, but I wouldn’t say it’s in isolation.”
Traders reduced expectations for an immediate rate increase and shifted forecasts for the next move to later in the year, bringing down short-term US Treasury yields and lowering the opportunity cost of holding gold.
Bullion has fallen by nearly a quarter since the US-Iran war began more than five months ago, with elevated energy prices adding to inflation concerns and increasing the prospect of interest rates remaining higher for longer.
Buying interest around $4,000 an ounce has supported prices in recent weeks, leaving gold on course for its first monthly gain since February.
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