Gold Prices In Dubai slipped at the start of the week as investors waited for key US inflation reports due later this week. The 24K rate opened at Dh530 per gram on Monday, September 7, down from Dh533.75 at Friday’s close.
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According to Dubai Jewellery Group data, 22K gold was priced at Dh490.75 per gram. The 21K rate stood at Dh470.50, while 18K gold was available at Dh403.25. The 14K rate was Dh314.50 per gram.
Gold Rates Face Global Pressure
Internationally, spot gold was trading at $4,402.40 per ounce, down 0.53 per cent at 9:11am UAE time. Silver also declined 0.53 per cent to $65.83 per ounce.
Gold has received support from changing expectations about US monetary policy. Investors are closely watching signals from the US Federal Reserve because interest-rate expectations can influence gold prices.
US Data Could Drive Gold Prices
Vijay Valecha, CIO of Century Financial, said that Federal Reserve Governor Christopher Waller indicated he would support keeping interest rates unchanged if inflation continues to moderate.
Markets are still watching the possibility of a Federal Reserve rate hike later this month. The upcoming non-farm payrolls report is also expected to be an important market catalyst.
A weaker-than-expected jobs report could increase expectations of a pause and support gold. However, stronger labour market data could revive rate-hike expectations and lead to some profit-taking.
Gold Market Outlook
Simon-Peter Massabni, Head of Business Development at XS.com, said gold remains under defensive pressure. However, he noted that uncertainty around the US interest-rate path and geopolitical risks continues to support the precious metal.
He added that the latest decline does not necessarily signal a new bearish trend. Instead, the move could be a correction as investors reposition ahead of upcoming US economic data.
For now, Gold Prices In Dubai remain sensitive to global economic developments. Traders will closely watch US employment and inflation data for fresh signals about the direction of gold prices.
