Gold prices in Dubai took a slight dip as markets opened on Wednesday, following a recent week-high. According to data from the Dubai Jewellery Group, the 24K variant of gold was trading at Dh233.75 per gram at 9 am local time, compared to Dh234.5 per gram the previous night. Other variants, including 22K, 21K, and 18K, also saw marginal drops in their prices.

Globally, spot gold showed a minimal decline of 0.05 percent, reaching $1,930.46 per ounce by 9:25 am UAE time. The dip in gold prices comes as investors and traders eagerly await the US Federal Reserve’s policy decision, which will provide insight into the economic outlook and potential monetary tightening measures. Experts note that while interest rates are expected to remain unchanged, all eyes are on the Federal Reserve’s stance regarding inflation and future policy directions, which could have implications for gold prices in the near future.