Dubai Gold Prices Ease After Three-Month High

Gold prices in Dubai have retreated after reaching a three-month high on Monday. The 24K rate has slipped to Dh557.50 per gram, while 22K gold remains unchanged at Dh516.25 per gram. This slight dip is seen as a pause by investors ahead of key US inflation data and Federal Reserve Chair Kevin Warsh's speech.

The international spot price of gold has also cooled down, trading around $4,635.79 an ounce, down 0.06% from earlier levels. Despite this decline, gold remains close to its highest intraday level since mid-May, with a gain of about 7% over the past week.

The surge in gold prices is attributed to concerns about US fiscal policy, inflation, and the future strength of the dollar. However, some experts caution that higher interest rates could eventually weigh on the metal. TD Securities expects gold to remain supported due to fears of US dollar debasement.