Dubai Gold Market Holds Steady Amid Global Price Volatility

Dubai's gold market maintained its stability at the start of the new week, holding steady at Dh525 per gram for 24K gold. This comes after a weekly gain, with prices rising by Dh5.75 compared to Monday, September 14th. The Dubai Jewellery Group confirmed that 22K gold remained unchanged at Dh486 per gram, while 18K gold stood firm at Dh399.50.

The local market is keeping a close eye on global bullion prices, influenced by developments in the Middle East, oil price movements, and expectations of interest rates. The precious metal's performance was also impacted by geopolitical tensions between the US and Iran, which have led to decreased traffic through the Strait of Hormuz.

Silver prices saw a 0.8% increase to $66.76 an ounce, while platinum gained 0.2% to $1,804.33 and palladium added 0.7% to $1,311.65. Globally, spot gold was nearly unchanged at $4,379.74 an ounce.