Gold Prices Continue Upward Trend in Dubai

Gold prices in Dubai experienced another surge at the start of Tuesday’s trading session, climbing over Dh1 to reach Dh294.0 per gram. This upward momentum follows a Dh2 increase in the past 24 hours.

The 24K gold variant led the rally, jumping Dh1.25 to Dh294.0 per gram. Other popular variants, including 22K, 21K, and 18K, opened at Dh272.25, Dh263.5, and Dh226.0 per gram, respectively. Globally, gold traded at $2,429.16 per ounce, marking a 0.28% increase.

The yellow metal’s ascent is primarily attributed to expectations of a US interest rate cut and remains largely unaffected by the recent assassination attempt on US presidential candidate Donald Trump. Analysts suggest that lower US inflation figures and the anticipation of a Fed rate cut are the primary drivers behind the rising gold prices.

With the probability of a September rate cut soaring to 95%, according to Fed funds futures, gold is thriving in this low interest rate environment.

Also Read: UAE Gold Prices Rise This Week: How Much Did Your Favorite Metal Shine