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Forex

Dubai Gold Prices Soar Amid US-Iran Tensions

Guavy AI Editorial Team
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The Dubai gold market saw prices surge on Tuesday morning after reversing Monday's decline. The price of 24-karat gold rose by Dh3.75 per gram, reaching Dh489.25 per gram at 9:11 am on August 4. This increase brings the 24K rate to Dh2 above its August 1 level.

The 22K variety also saw a rise, increasing by Dh3.50 to Dh453 per gram from Dh449.50. Other gold varieties, including 21K and 18K, also saw price hikes of Dh3.25 and Dh2.75 per gram respectively.

The global market for bullion remains uncertain as investors monitor diplomatic efforts aimed at cooling tensions between the US and Iran. Gold prices have been affected by the ongoing conflict, which has led to higher energy prices and increased pressure on the Federal Reserve to raise interest rates.

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