Dubai Gold Prices Slip Below $4,600 Amid International Market Decline

Dubai gold prices dropped on Friday as international markets slipped below $4,600 per ounce. The decline in Dubai was across all three key retail categories, with 24K gold falling by Dh3.50 to Dh554.50 per gram. This represents a decrease of about 0.63 percent from the previous day's price.

The global market also saw spot gold fall 0.5 percent to $4,576.30 per ounce, while US gold futures eased 0.8 percent to $4,629.00. Investors were awaiting remarks from US Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium, focusing on interest rate outlook.

The Strait of Hormuz shipping concerns and oil prices also weighed on precious metals markets. Brent crude was down 0.3 percent at $89.45 a barrel, while West Texas Intermediate fell 0.3 percent to $83.31. The US dollar remained relatively stable, adding pressure to gold prices.