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So far this year, gold has recorded 16 record highs, four of which were above the $3,000 milestone
The UAE central bank has also decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) at 4.40 percent
The Fed is expected to maintain interest rates at 4.5 percent amidst economic uncertainty
Investors are cautious ahead of the Fed meeting, expecting rates to remain unchanged
Gradual oil output hikes in the GCC region will generate oil-sector growth of 3.2 percent this year, following two years of contraction
West Texas Intermediate (WTI) crude futures also rose by 0.4 percent to $67.61 per barrel
Bullion is on track for a second consecutive weekly increase, rising 2.5 percent so far this week
Spot gold was unchanged at $2,916.69 per ounce, while U.S. gold futures edged up 0.1 percent to $2,922.30
The dollar index neared a four-month low, making bullion cheaper for global buyers
Trump signed orders expanding tariff exemptions for goods from Canada and Mexico this week
The bank’s monetary policy committee decreased its headline lending rate by 250 basis points on March 6
As inflation continues to decelerate, the central bank is widely expected to deliver another 250 basis-point cut this week
