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Gold Prices in Dubai Surge Ahead of US Inflation Data Release

On Wednesday, gold prices in the UAE rose as investors closely monitored the release of key US inflation data. The Dubai Jewellery Group reported that the 24K variant of gold was trading at Dh285.5 per gram at the market opening. Concurrently, 22K, 21K, and 18K gold were trading at Dh264.25, Dh256.0, and Dh219.25 per gram, respectively.

Over the past 24 hours, gold prices witnessed an increase of one-and-a-half dirhams per gram. Spot gold, reflecting global rates, was valued at $2,356.49 per ounce at 9:23 am UAE time.

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George Pavel, the general manager at Capex.com Middle East, noted that gold prices exhibited modest movements as investors adopted a cautious stance ahead of the release of critical US inflation data scheduled for the week. The US Consumer Price Index (CPI) data carries significant weight in influencing investor sentiment and market dynamics, prompting investors to closely monitor its release for insights into future market trends.

May 15, 2024 1:09 p.m. 5701

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