Gold prices in the UAE and across international markets saw a notable uptick on Wednesday morning, as investors hold their breath for the US Federal Reserve’s upcoming interest rate announcement. Data from the Dubai Jewellery Group shows that 24K gold climbed to Dh520.75 per gram, a steady rise from the previous day's closing price of Dh517.50. This bullish momentum extended across other categories, with 22K, 21K, 18K, and 14K variants all posting gains during early trading sessions.

Globally, the yellow metal’s value was further supported by a 0.7 percent rise in spot gold to $4,321 per ounce, while silver saw an even stronger performance with a 2 percent jump. Market analysts suggest that the trajectory of gold remains tied to the Fed’s messaging; while a more aggressive stance could trigger a price drop, any hints of a softer approach might bolster the metal further. Traders remain cautious, keeping a close eye on geopolitical developments in the Middle East and fluctuating oil prices while anticipating the official policy decision and the subsequent press conference.