The Fed reduced rates by 25 basis points on Wednesday and indicated it will steadily lower borrowing costs for the rest of this year
The UAE’ central bank also reduced the base rate applied to its overnight deposit facility by 25 bps to 4.15 per cent, from 4.40 per cent, effective Thursday
The dollar languished near multi-week lows against its rivals, making gold less expensive for holders of other currencies
Central banks in the GCC usually track the Fed’s policy rate moves as their currencies are pegged to the US dollar
Bullion has surged 16 per cent this year as the spread of the virus curbed economic growth