interest rate
China's slower-than-expected economic growth sparked concerns over the country's demand for oil which continues to impact prices
Interest rate cut expectations and the political uncertainty in the United States have supported gold prices to their record high
In the UAE, gold prices fell with 24-carat gold inching up to AED293.50 per gram
The Central Bank wants more evidence that inflation is still on track to reach the 2 percent target by the end of 2024
The bank noted that "the current monetary stance is appropriate to support the sustained moderation of inflation."
Brent oil futures for September delivery shed 0.5 percent to $84.73 per barrel
Fed officials noted that the path toward looser monetary policy has become shorter
Brent futures, the global oil benchmark, rose 32 cents, or 0.4 percent, to $85.40 per barrel
Markets are pricing in a rate cut of at least 25 basis points by the Fed at the September meeting
Fed Chair Powell expressed confidence that inflation is returning to the central bank's target of 2 percent
Brent crude futures fell 21 cents, or 0.25 percent, to $84.64 per barrel
