Dubai Gold Prices Rise Amid Interest Rate Expectations

Dubai gold prices have risen to Dh556.50 per gram of 24K gold, up from yesterday's close of Dh554.25, as investors weigh US interest-rate expectations and await Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole symposium on Friday.

The move comes after gold fell sharply in the previous session following US inflation data, with markets now turning their attention to Warsh's speech for clues about the Fed's approach to inflation and interest rates.

Peter Grant, vice-president and senior metals strategist at Zaner Metals, said the market is effectively consolidating after recent gains, but remains bullish on the longer-term outlook, predicting gold could move back above $5,000 an ounce this year.