Dubai Gold Prices Dip, Markets Await US Jobs Report for Rate Hike Clarity
Dubai gold prices eased on Friday from Thursday's closing levels, providing a slightly cheaper entry point for shoppers. The price of 24K gold in Dubai stood at Dh539.25 per gram, down from Dh542, while the 22K rate was Dh499.25 per gram, compared to Dh502 previously.
The global bullion market remained sensitive to expectations around US interest rates, the dollar, and geopolitical uncertainty. Markets are waiting for the US nonfarm payrolls report due later on Friday, which could provide a clearer indication of the Federal Reserve's next move.
US jobs data has taken on greater importance after Fed Governor Christopher Waller said he would support leaving US interest rates unchanged at the September meeting if inflation continues to moderate. Traders have subsequently reduced their expectations of a rate hike this month to around 50 per cent, from about 70 per cent earlier in the week.