Gold in UAE: Price heads for a seventh straight monthly loss in October, but will it drop next month?

Gold in UAE: Price heads for a seventh straight monthly loss in October, but will it drop next month?

Dubai: After having dropped last week during the Indian occasion of Diwali, UAE residents hoping to buy gold would be relieved to know prices are expected to stay that way for now while dropping even further next month. In the UAE, the cost of 24-karat gold dipped to Dh199.25 per gram on Monday. Meanwhile, the price of 22-karat gold slipped to Dh187 per gram, 21-karat to Dh178.5 and 18-karat to Dh153 in the UAE. Check the . Analyts evaluated how gold prices have been a little disappointing for investors last week given the dollar moving lower - which was widely expected to head towards $1,700 in the past few days. Globally, spot gold price was at $1,641.67 per ounce, and down 1 per cent for the month. With global investors cementing expectations around another hefty rate hike from the US this week, gold remains highly sensitive to rising rates in the world's largest economy, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar. "Another pronounced rate hike of 75 basis points is generally anticipated after US inflation remained stubbornly high again in September," analysts at Commerzbank AG, a major German bank operating as a universal