Dubai Gold Price Bounces Back Amid Global Market Volatility

Dubai's gold market saw a slight recovery on Saturday after several days of declines. According to the Dubai Jewellery Group, 24K gold gained Dh2.75 from Friday's price, reaching Dh516.50 per gram. The 22K rate also rose by Dh2.50 to Dh478.25 per gram, while 18K increased by Dh2 to Dh393.00.

The recovery comes as the global market remains under pressure due to elevated US Treasury yields and expectations of further interest rate increases. Spot gold was up 0.1% at $4,282.98 an ounce on Friday, but is still heading for a weekly decline of about 2.1%. Higher US Treasury yields have made it more expensive to hold non-yielding bullion.

The Federal Reserve raised interest rates by 25 basis points last week and signaled further increases. Traders are pricing in a 66% chance of another hike in October and a 93% probability of a December increase, according to CME's FedWatch Tool.