UAE Retail Rates Climb Up To Dh3 Per Gram
Gold prices edged higher in Dubai on Monday morning as global traders scaled back expectations for an immediate US interest rate hike later this month. Across UAE jewelry souks and retail stores, gold rates rose by roughly Dh2 to Dh3 per gram at the start of the trading week. Retail 24-karat gold traded at Dh504.25 per gram on Monday morning, while popular 22-karat gold climbed to Dh467 per gram compared to Dh464.75 in the previous session. Meanwhile, budget-friendly 14-karat gold hovered just below the Dh300 threshold, trading at Dh299.25 per gram in early Dubai dealings. Internationally, spot gold gained 0.42 percent to reach $4,177.78 an ounce at 9:30 am UAE time, while silver climbed 1.31 percent to $57.56 an ounce.
Fed Chair Remarks Pause Dollar Rally
The upward move in bullion followed dovish-leaning remarks from US Federal Reserve Chair Kevin Warsh. Although a hot American inflation report last week had briefly lifted expectations for tighter monetary policy, traders interpreted Warsh's latest comments as favoring a pause at next week's central bank meeting. Consequently, market-implied odds of a quarter-point October rate increase dropped below 20 percent, and the Bloomberg Dollar Spot Index slipped 0.1 percent. Because gold pays no interest, the precious metal typically benefits whenever bond yields fall and central banks hold borrowing costs steady. A recent pullback in global technology stocks—sparked by investor caution over massive artificial intelligence spending—also directed fresh flows toward safe-haven assets.
Thirteen Straight Weeks Of ETF Inflows
Despite shedding roughly 20 percent of its value since the US-Iran conflict erupted in late February, gold has maintained a firm floor above $4,000 an ounce since August. Institutional and long-term investors have poured capital into gold-backed exchange-traded funds for thirteen consecutive weeks to hedge against geopolitical and fiscal risks. Still, commodity analysts note that bullion faces near-term resistance as markets price in the possibility of one more Federal Reserve rate hike before the end of the year. UAE shoppers and investors continue watching daily price dips closely ahead of the busy autumn festive buying season. Track daily gold rates, currency movements, and commodity trends in the Emirates. Check our finance section every morning at The WAU.
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