Dubai gold prices hit nearly 80-day high, 24K crosses Dh540 and 22K tops Dh500

Dubai gold prices climbed to near an 80-day high on Thursday morning, with 24K gold reaching Dh541 per gram and 22K gold topping Dh500. At 9 am, 24K gold was priced at Dh541, up from Dh540.75 the previous day, while 22K rose to Dh501 from Dh500.75. Since early June, Dubai's 24K gold had not surpassed Dh542.50, and 22K had not topped Dh502.25.

The latest increase extends a strong upward trend for Dubai gold prices throughout August, with 24K gold climbing from Dh492.25 on August 4 to Dh541 on Thursday. Meanwhile, 22K gold moved from Dh455.75 on August 4 to its current level. The surge in Dubai gold prices follows international gold trading above $4,500 an ounce, after a 3% rally in a single session.

The gold price reached its highest level since early June near $4,520 during Asian trading before yielding some gains as the US dollar strengthened. Analyst Rania Gule of XS.com – MENA believes the pullback does not signal the end of the bullish trend, describing the retreat from the recent peak as a natural bout of profit-taking.

The market is now awaiting clues from US interest rate expectations and Treasury yields, as higher interest rates can support the US dollar and raise the opportunity cost of holding gold. Geopolitical tensions involving the US and Iran, as well as the possibility of energy disruptions, could also increase demand for safe-haven assets and influence the precious metal's outlook.