Gold Prices Soar Above $4,300 as Weaker Dollar Boosts Bullion

The gold market continued its upward trend on August 7, 2026, with international bullion prices rising above $4,300 per ounce. The US dollar's weakening and softer expectations for additional US interest rate hikes contributed to this surge.

Gold spot prices increased by 1.6%, closing at $4,308.92 per ounce, marking a weekly gain of over 6.6%. The UAE market reflected these global trends, with gold prices trading at AED 514.36 per gram for 24K gold.

Investors are closely watching the upcoming US non-farm payrolls numbers, which could influence the Federal Reserve's next move. Long-term investors might consider a gradual purchase approach, while short-term traders should be prepared for potential volatility after US economic reports.