Gold prices in Dubai increased slightly on Thursday morning with 24K gold rising by half a dirham to Dh316.50 per gram. Other variants opened at Dh293 for 22K, Dh283.75 for 21K and Dh243.25 for 18K.

At 9:10 AM UAE time, spot gold was trading at $2,614.15 per ounce up 0.22%. Despite this uptick, gold has faced pressure recently losing Dh4 per gram on Tuesday after hitting an all-time high a few weeks prior.

Vijay Valecha, chief investment officer at Century Financial, noted that gold prices are affected by a stronger US dollar which has rallied amid expectations of a slower pace of interest rate cuts by the Federal Reserve.

Markets now anticipate a 25-basis-point rate cut in November impacting gold's affordability for holders of other currencies.

The World Gold Council reported that gold ETFs saw their fifth consecutive month of net inflows in September totalling $1.4 billion. Traders are now looking for insights from upcoming FOMC meeting minutes and CPI data to gauge future central bank policies.