Dubai Gold Prices Near August High at Dh531 per Gram
Dubai's gold prices have been on the rise, and they're now close to their August high of Dh533.25 per gram for 24K gold. The current price is Dh531 per gram, which is up from Dh527.50 on Sunday. This increase has been steady throughout the month, with a gain of almost 9% since the start of August.
The 22K variety has also seen a significant jump, rising to Dh491.75 from Dh488.50. Compared to August 1, when it stood at Dh451.25, this is an increase of Dh40.50 per gram. Global gold prices are also on the rise, trading near $4,400 an ounce after ending the previous week almost 1% higher.
The US dollar gauge fell 0.2% on Monday, making dollar-priced bullion cheaper for buyers using other currencies. The uncertainty around global energy supplies remains, with ships continuing to be attacked in the Strait of Hormuz. However, Iran and Oman appear to be moving closer to an agreement on how the waterway should be managed.