UAE: At $1,658, gold prices lowest since March 2020 – can US Fed rate hike drop it further?

UAE: At $1,658, gold prices lowest since March 2020 – can US Fed rate hike drop it further?

Dubai: At $1,659 an ounce, gold prices are at the lowest point since late March 2020, as global markets reacted volatilely to the US Federal Reserve’s latest 0.75 per cent hike. Late yesterday (September 21), gold picked up slightly to $1,669, but in trades todays it slipped below the previous this year low of $1,663. The for a gram of 22K, and had ranged between Dh189-Dh196.50 in the last 10 days. The rate for today will be set around 8.30am, but shoppers will most likely wait to see if bullion prices get dragged below $1,650 levels in this current phase. “The Diwali-related bookings/sales had already happened on September 15 and 16, which was when the UAE gold rate dropped overnight from Dh194 to Dh189,” said a jewellery retailer. “For the next round of heavy buying, shoppers would wait to see if there’s any chance of the price slipping below Dh185. That would be the next sales catalyst.” This October will be one of the peak gold and jewellery buying phases, with the Indian festival of Diwali being marked on October 22. This is what jewellers are banking on, and any pricing that’s at near 3-year lows should help. Plus, tourists