Dubai gold prices today: 24K slips as investors await US inflation data
Dubai: Dubai gold prices edged lower on Thursday, with the 24K rate at Dh531.25 per gram, down from Dh532 at Wednesday’s close, while 22K gold stood at Dh492, compared with Dh492.50 previously. The move comes as global gold prices remain above $4,400 an ounce, with investors weighing a weaker US dollar against the possibility of higher US interest rates and awaiting fresh inflation data that…
Dubai gold prices fell slightly on Thursday, with the 24K rate dropping to Dh531.25 per gram, a reduction from Dh532 at Wednesday’s close. Meanwhile, 22K gold remained at Dh492, unchanged from the previous day. This price decline occurred as the global price of gold stayed above $4,400 an ounce, and investors waited for fresh inflation data from the Federal Reserve.
The decline in gold was attributed to a weaker US dollar, which makes the metal more affordable for buyers holding other currencies. Additionally, concerns about US fiscal pressures and potential higher interest rates were also influencing the market. Investors were closely monitoring the US producer-price data, expected on Thursday, and consumer inflation figures, due on Friday, as stronger inflation could impact the Fed's interest-rate path.
While the wider geopolitical situation in the Arabian Gulf was not the primary factor driving gold prices, it remained a significant concern.
Written by urgent.news from Gulf News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
