Dubai Gold Prices Climb Back Above Pre-July Levels

Dubai gold prices are on the rise again, leaving buyers facing an increase of up to Dh5 per gram compared to the previous day. On Monday, the price of 24-karat gold stood at Dh493.50 per gram, while 22-karat gold rose to Dh457 from Dh452.25.

These prices are back to the levels recorded earlier in July, but remain below the month's peak and the Dh500 mark crossed last week. Gold prices had moved through several swings during July, with 24-karat gold beginning the month at Dh489.75 before climbing above Dh500 on July 4 and July 5.

The price then declined to Dh481.50 on July 16 and July 17, but recovered to Dh500.75 on July 22. On Monday, the rate fell back to Dh493.50, leaving 24-karat gold Dh9.50 below its July peak and Dh12 above its month's lowest level.

The international gold market saw a significant increase, with bullion rising by as much as 1.6% to move above $4,100 an ounce after gaining nearly 1% during the previous week. This followed a pause in fighting between the US and Iran over the weekend, which eased concerns surrounding oil supplies and inflation.

The Federal Reserve's interest-rate decision this week will be closely watched, with higher energy costs conflicting with a lower-than-expected reading on US consumer prices for June.