Dubai gold hits two-month high after 24K jumps Dh45.75 in eight days
Dubai: Dubai gold buyers are facing the highest rates in more than two months after prices extended a rapid August rebound, with 24-karat gold reaching Dh531.25 per gram on Tuesday. The 24K rate rose Dh3 from Dh528.25 on Monday, while 22K gold increased by the same amount to Dh492 from Dh489. Get updated faster and for FREE: Download…
Dubai gold prices surged to a two-month high on Tuesday, with 24-karat gold reaching Dh531.25 per gram, up Dh45.75 from five days prior. The rate marked the highest since June 4, when it stood at Dh538.50. The 22-karat variety also climbed, reaching Dh492 from Dh449.50 on August 3. The recent rebound marks a strong turnaround after Dubai gold rates spent much of July below Dh500.
Prices fell to Dh481.50 in early July before recovering to Dh500.75 by July 22 and then slipping to Dh485.25 by July 31. Despite recent gains, the current 24K rate remains below the 90-day high of Dh563.75 recorded in May. International gold prices climbed above $4,400 an ounce to a two-month high, driven by renewed investor flows and improved market sentiment.
Flows are currently having a stronger impact on prices, potentially supporting a consolidation around $4,400 and further recovery. US inflation data is expected to influence Federal Reserve's interest rate decision on Wednesday.
Written by urgent.news from Gulf News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
