UAE Gold Prices Surge to Seven-Week High Amid Fed Decision Uncertainty

Gold prices rose in the UAE on August 6th, with 24K gold hitting AED 510.25 per gram, a seven-week high. This increase is attributed to safe-haven demand before the US Federal Reserve's policy decision and a weaker US dollar.

The global gold price jumped 1% to $4,285.84 an ounce, while US gold futures rose 0.9% to $4,345.80 an ounce. Silver prices remained stable at $61.84 per ounce. The UAE market saw similar trends, with all purity categories of gold increasing in value.

The heightened demand for gold as a safe-haven asset and the decline of inflation worries boosted global gold prices. Market players continued to monitor the US Federal Reserve's policy decision and global geopolitics for further direction in precious metals.