Dubai Gold Prices Drop to AED 283.50 as US Rate Outlook Weakens Bullion Demand

Dubai gold prices retreated on Friday morning, with 24K gold trading at AED 283.50 per gram, a significant decline from the record highs seen earlier in the week. The downward trend follows a broader sell-off in global bullion markets as investors react to hawkish signals from the United States Federal Reserve. Local Retail Rates Breakdown In the Dubai retail market, 22K gold was priced at AED 262.50 per gram at the opening of trade. Other variants also tracked lower, with 21K gold trading at AED 254.25 and 18K gold offered at AED 217.75. These prices represent a drop of over AED 10 per gram for 24K gold compared to the peak reached on Monday, when prices neared the AED 300 mark. The price correction in the Dubai Gold Souq and major retail outlets across the UAE is linked directly to spot gold prices falling below $2,350 per ounce. Global markets reacted to the latest US Federal Reserve meeting minutes, which suggested that interest rates might remain elevated for a longer duration than previously anticipated to combat persistent inflation. Impact of US Dollar Strength The prospect of sustained high interest rates has bolstered the US Dollar index, making gold more expensive for…