Dubai Gold Prices Fall Amid Dollar Strength and US-Iran Tensions
Dubai's gold market is facing renewed pressure as international bullion prices extend their decline. Spot gold fell 0.7 per cent to $4,423.84 per ounce by 0204 GMT, reaching its lowest level since August 19 after falling more than 3 per cent on Friday.
The latest retail jewellery rates from the Dubai Jewellery Group put 24K gold at Dh533.00 per gram, while 22K stood at Dh493.75 and 18K at Dh405.75. This comes as global markets weigh in on fresh US-Iran military escalation around the Strait of Hormuz, pushing oil prices higher.
US economic data due later this week, including job openings, the ADP employment report, weekly jobless claims, and non-farm payrolls, could provide further direction for bullion and currency markets. Markets have increased their expectations of a September rate increase, with the implied probability rising to 57 per cent from 36 per cent before Federal Reserve Chair Kevin Warsh's hawkish stance on inflation and interest rates at the Jackson Hole economic symposium.