Dubai Gold Prices Hold Steady Near Record Highs

Dubai gold prices remained steady near record highs on Monday morning after a strong rally last week. The precious metal's value is being closely watched by investors, who are waiting for key US economic data that could provide fresh direction.

The 24K variant of gold was trading at Dh522.75 per gram at the opening of markets, down Dh1 from Friday's close of Dh523.75 per gram, according to Dubai Jewellery Group data.

Analysts say rising gold prices can be attributed to several factors, including the expansion of trading services and increased storage capacity in Asian markets.

Simon-Peter Massabni, Head of Business Development at XS.com, noted that the rise in gold prices is no longer solely driven by traditional factors such as inflation fears or geopolitical tensions.