The last week of September of the current 2023 ends for gold not in the best way. The cost of one troy ounce on Wednesday fell by 1.5% to $1,875, the biggest drop since early June.
French bank Societe Generale slightly reduced its stake in the yellow precious metal but remains positive as inflation remains stubbornly high given the U.S. Federal Reserve's plans to end its policy tightening cycle, according to Kitco News.
Russia was the main source of gold for the UAE last 2022.
Gold's six-month record volatility fell to its lowest since February 2020 today as bullion prices have mostly stayed in a range of $1900 to $2000 an ounce since mid-May, Yahoo writes
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Exporters compete with the population for the metal