Festival shoppers in Dubai had a lower quoted gold price Tuesday morning: 24-karat metal stood at Dh497 per gram as India marked Dussehra, Gulf News reported.
The outlet said UAE rates had eased by Dh2 to Dh5 overnight. Its morning quotes put 22-karat gold at Dh460.25 per gram, 18-karat at Dh378.25 and 14-karat at Dh295.
Spot gold stood at $4,140.91 an ounce at 1:30 a.m. ET, down 0.1%, Gulf News reported. EconoTimes had reported a drop below $4,150 in spot gold on Monday as investors assessed the U.S. interest-rate outlook.
In its September review, the World Gold Council measured an 8.5% decline in the dollar gold price and identified higher bond yields and a stronger dollar as contributing factors. Rising yields can make interest-bearing assets more attractive relative to gold, which pays no interest.
The Federal Reserve meets Oct. 27-28 and is scheduled to announce its next rate decision at 2 p.m. ET Oct. 28.
