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Dubai gold buyers see some of the lowest rates in more than seven weeks

24K and 22K are both down more than Dh40 per gram from their September highs

Last updated: September 29, 2026 | 12:58

Nivetha Dayanand, Assistant Business Editor

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Gold prices in Dubai rise post Fed rate hike

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Dubai: Gold prices in Dubai remained under pressure on Tuesday, taking 24-karat gold below the Dh500 mark and giving buyers another window at lower prices after the steep declines seen in recent days.

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At 12.45 pm on Tuesday, September 29, 24-karat gold was priced at Dh497.25 per gram, while 22-karat stood at Dh460.50.

Compared with Monday morning, when 24-karat opened at Dh505.50, buyers are now paying Dh8.25 less per gram. The price of 22-karat gold has fallen Dh7.50 from Monday morning's Dh468.

That translates into a saving of Dh66 on eight grams of 24-karat gold compared with Monday morning prices, before making charges and other costs are taken into account.

Gold has fallen from September highs

The latest prices extend a difficult month for gold after Dubai's 24-karat rate reached Dh542 per gram on September 3.

At Tuesday's level of Dh497.25, 24-karat gold is Dh44.75 per gram below that September high, a decline of about 8.3%.

The 22-karat rate has followed a similar path, falling from Dh502 on September 3 to Dh460.50 on Tuesday, a difference of Dh41.50 per gram.

Compared with the start of September, when 24-karat gold stood at Dh522, the price is Dh24.75 lower per gram.

Also Read: Dubai gold prices ease after 24K touched Dh542, Fed outlook takes centre stage

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Also Read: Dubai gold prices today: 24K, 22K rates fall as Fed rate-hike bets rise

Global gold recovers after seven-week low

International gold prices edged higher on Tuesday after hitting their lowest level in more than seven weeks on Monday.

Spot gold rose to around $4,144 an ounce on Tuesday after losing about 4% in the previous session. The decline came alongside rising US Treasury yields and expectations that the US Federal Reserve could raise interest rates again in October.

Markets were pricing in around a 70% chance of another Fed rate increase in October, while investors were also watching developments in the Middle East and their impact on oil prices and inflation.

Higher interest rates tend to weigh on gold because the metal does not pay interest, making yield-bearing assets more attractive to investors when borrowing costs rise.

Gold has lost almost 7% internationally during September despite trading as high as $4,510 an ounce earlier in the month. The recent decline has followed the Federal Reserve's first interest-rate increase since 2023 and expectations that further tightening could follow.

Nivetha DayanandAssistant Business Editor

Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.