Gold in UAE: Prices to briefly rise as US signals slowing rate hikes for the first time, before dropping again

Gold in UAE: Prices to briefly rise as US signals slowing rate hikes for the first time, before dropping again

Dubai: Gold prices are expected to briefly rise after the world's largest economy, the US, signaled slowing rate hikes for the first time, commodity analysts evaluate. However, prices are expected to drop again thereafter, which is why buyers may look to wait before making the most of the looming lower rates. In the UAE, the cost of 24-karat gold rose to Dh212.75 per gram on Thursday. Meanwhile, the price of 22-karat gold slipped to Dh199.75 per gram, 21-karat to Dh190.75 and 18-karat to Dh163.5 in the UAE. Check the latest gold rates . Analysts also evaluated how gold prices worldwide have been disappointing for investors last week - which was edging towards $1,750 in the past few days. Globally, spot gold price was at $1,755 per ounce, and gold futures - indicative of near-term prices - advanced 0.6 per cent to $1,755.90. Lower rates tend to lift the appeal for bullion worldwide in comparison with other interest-bearing assets. High interest rates have kept a leash on gold's traditional status as a hedge against high inflation and other uncertainties this year as they translate into higher opportunity cost to hold the non-yielding asset. The minutes of the Fed's Nov. 1-2 meeting