Dubai: Gold rate dips from record high, 22k now costs Dh406

Dubai: Gold prices in Dubai dipped on Tuesday, with 22-karat gold staying above Dh400 per gram for four straight days. It was currently at Dh406.25 per gram, after hitting a high of Dh408 a day earlier.

The price of 24-karat gold slipped nearly Dh2 to Dh438.75 per gram. (Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait.)

Meanwhile, the Indian gold rate for 24-carat gold is approximately ₹11,030 per gram, and the rate for 22-carat gold is about ₹10,111 per gram on Tuesday. 

Globally, gold steadied just below a record as traders evaluated US data that strengthened the case for Federal Reserve interest-rate cuts. Bullion was little changed near $3,635 an ounce, after peaking above $3,674 on Tuesday.

The Fed is due to set monetary policy next week, following US producer and consumer inflation prints due Wednesday and Thursday that will also shape the decision.

Many traders now expect the Fed to cut rates twice this year, possibly starting with a small cut next week. This has helped push gold prices higher around the world.

Gold prices have already risen nearly 40% this year, helped by central bank buying, hopes for interest rate cuts, and global tensions. Political uncertainty in the U.S. and concerns over global trade have also made gold a popular "safe haven" for investors.