Gold prices in Dubai slipped early on Wednesday after hitting a record high the previous day. 24K gold opened at AED 443.75/gram, down from AED 445.25. Other karats fell too: 22K to AED 410.75, 21K to AED 393.75, and 18K to AED 337.75.
Spot gold had crossed US$3,700/oz for the first time on Tuesday, driven by demand for safe assets, central bank buying, and a weaker dollar. On Wednesday morning, it was trading at US$3,680.57/oz, down about 0.22%.
Analysts say the market is closely watching the US Federal Reserve’s upcoming meeting. If the Fed signals interest rate cuts or takes a dovish tone, gold could get more traction. But a hawkish stance might lead to another dip.
