Dubai’s 24K and 22K Gold Prices Fall More Than Dh40 per Gram From September Highs.
Dubai: Gold prices remained under pressure in Dubai on Tuesday, with 24-karat gold slipping below the Dh500-per-gram mark and offering buyers another opportunity to purchase at lower rates following the sharp declines of recent days.
At 12.45pm on Tuesday, September 29, 24-karat gold was trading at Dh497.25 per gram, while 22-karat gold was priced at Dh460.50 per gram.
Compared with Monday morning, when 24-karat gold opened at Dh505.50 per gram, buyers are now paying Dh8.25 less for each gram. The price of 22-karat gold has also declined by Dh7.50 per gram from Monday morning’s rate of Dh468.
For buyers, that works out to a saving of Dh66 on eight grams of 24-karat gold compared with Monday morning’s price, before making charges and other additional costs are included.
Gold retreats from September highs
The latest rates extend gold’s decline this month after 24-karat gold in Dubai climbed to Dh542 per gram on September 3.
At Tuesday’s price of Dh497.25 per gram, 24-karat gold is Dh44.75 below its September high, representing a decline of around 8.3%.
The 22-karat rate has followed a similar trend, dropping from Dh502 per gram on September 3 to Dh460.50 on Tuesday — a fall of Dh41.50 per gram.
Compared with the beginning of September, when 24-karat gold was priced at Dh522 per gram, the latest rate is Dh24.75 lower.
Global gold rebounds from seven-week low
International gold prices edged higher on Tuesday after falling to their lowest level in more than seven weeks during the previous session.
Spot gold recovered to around $4,144 an ounce on Tuesday after dropping about 4% on Monday. The decline coincided with rising US Treasury yields and expectations that the US Federal Reserve could raise interest rates again in October.
Markets were pricing in roughly a 70% probability of another Fed rate increase in October, while investors were also closely monitoring developments in the Middle East and their potential impact on oil prices and inflation.
Higher interest rates typically put pressure on gold because the precious metal does not generate interest. As borrowing costs and yields rise, interest-bearing assets can become relatively more attractive to investors.
Internationally, gold has lost nearly 7% during September, despite climbing as high as $4,510 an ounce earlier in the month.
The recent slide followed the US Federal Reserve’s first interest-rate increase since 2023, with expectations of further monetary tightening adding pressure on the precious metal.
