Dubai gold prices bounce back on Tuesday, September 8, as the US dollar weakened and investors watched the market for fresh direction. The rise pushed 22K gold closer to the Dh500 per gram mark.
WEBDESK – Mehr Un Nisa – SHARJAH NEWS
According to Dubai Jewellery Group data, 24K gold opened at Dh534.75 per gram on Tuesday. This was higher than Monday’s price of Dh530.75.
Gold Prices Rise Across All Karats
Gold prices increased across all major karats in Dubai. The 22K gold price reached Dh495 per gram. Meanwhile, 21K gold climbed to Dh474.75 per gram.
The 18K gold price also increased to Dh407 per gram. The 14K rate rose to Dh317.50 per gram.
The latest movement keeps Dubai gold prices close to recent highs. Market watchers are now focusing on whether prices can continue their upward trend.
Spot Gold Moves Higher
Spot gold was trading around $4,432 an ounce on Tuesday morning. It gained about half a per cent during the morning session.
Silver also moved higher. It was trading close to $66.93 an ounce, up nearly one per cent.
Chris Weston, head of research at Pepperstone, said gold remains caught between buyers and sellers. He noted that neither side has shown enough strength to create a sustained move.
However, several factors could support higher prices. Weston said the risk remains moderately tilted to the upside, with gold potentially testing the $4,500 level and last week’s highs.
Central Bank Buying Supports Gold
Central bank purchases are another important factor for the gold market. The People’s Bank of China reportedly added around 630,000 ounces of gold to its reserves in its latest reported purchase.
This extended China’s gold accumulation programme to 22 consecutive months. It was also the country’s largest monthly purchase since 2023.
Weston said Shanghai gold futures remain an important market signal. Continued official-sector buying could provide further support for gold prices.
US Inflation Data In Focus
Investors are also watching upcoming US economic data. The US PPI report and Friday’s core CPI figures could influence market expectations.
Weston believes a major inflation surprise may be needed to significantly change expectations ahead of next week’s Federal Reserve meeting.
For now, Dubai gold prices bounce higher, while 22K gold stands just Dh5 below the Dh500 per gram milestone.
