Commodities
Dubai Gold Prices Fall Amid Rising Oil Prices and US Interest Rate Expectations
Dubai's gold market saw prices drop on Monday due to renewed pressure from rising oil prices and expectations of higher US interest rates.
The Dubai Jewellery Group reported retail prices for key categories: 24K slipped to Dh521.75 per gram, while 22K fell to Dh483.25, and 18K dropped to Dh397.
The global bullion market was under pressure as traders assessed inflation risks, central bank policy, and escalating tensions in the Middle East.
The US Federal Reserve is widely expected to raise interest rates on Tuesday-Wednesday, with a probability of 86.5%, according to the CME FedWatch Tool, up from around 67% before the latest inflation figures.