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Dubai Gold Prices Rise as Fed Rate Hike Bets Soar

Guavy AI Editorial Team
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The price of gold in Dubai has increased, reaching Dh556.50 per gram for 24K gold on Thursday. This represents an increase of Dh2.25 from its previous close.

This move comes after gold prices fell sharply in the previous session due to US inflation data. Investors are now looking at Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole symposium on Friday for clues about the Fed's approach to inflation and interest rates.

Peter Grant, vice-president and senior metals strategist at Zaner Metals, remains bullish on the longer-term outlook for gold, predicting it could move back above $5,000 an ounce this year with the possibility of new all-time highs by 2027.

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