Gold Prices in Dubai Edge Higher Amid Dollar Strength

Dubai gold rates have seen a modest increase on Wednesday, according to the latest figures from the Dubai Jewellery Group. The prices of 24K and 18K gold rose by 25 fils each, reaching Dh523.50 per gram and Dh398.50 respectively.

The movement comes as international bullion prices remain under pressure due to expectations that major central banks may keep interest rates elevated for longer. A firmer US dollar and developments surrounding the Iran conflict are also keeping precious metals markets in focus.

Spot gold fell 0.2% to $4,345.55 an ounce as of 0435 GMT on Wednesday, while US gold futures for December delivery rose 0.2% to $4,383.10. The US dollar held near its strongest level in two months, weighing on gold prices.