Dubai: Gold prices in the United Arab Emirates (UAE) and Saudi Arabia increased during the week of Sunday, August 17, to Saturday, August 23, reflecting global market movements and expectations of a possible interest rate cut by the United States (US) Federal Reserve.
In the UAE, 24-carat gold traded between Dirham 402.25 (Rs 9,565.44) and Dh 406.50 (Rs 9,666.51) per gram through the week, closing at Dh 406.25 (Rs 9,660.56) on August 23. The 22-carat variety ended at Dh 376.25 (Rs 8,947.17), while 21-carat and 18-carat settled at Dh 360.75 (Rs 8,578.58) and Dh 309.25 (Rs 7,353.92) respectively, according to the Dubai Jewellery Group.
In Saudi Arabia, 24-carat gold ranged from Saudi Arabian Riyals (SAR) 413 (Rs 9,608.25) to SAR 418 (Rs 9,724.57) per gram, also finishing the week at SAR 418, according to Joy Alukkas. The 22-carat stood at SAR 384 (Rs 8,933.58), while 21-carat and 18-carat closed at SAR 367 (Rs 8,538.08) and SAR 314 (Rs 7,305.06) respectively.
Prices at the start of the new week, Sunday, August 24, opened unchanged in both markets, signalling continued stability.
Globally, gold ended higher on Saturday with spot prices closing at USD 3,371.73 (Rs 2,94,372.17) per ounce, up 0.99 percent for the day, according to Gold Price.
Analysts linked the increase to safe-haven demand, driven by anticipation of policy guidance at the Federal Open Market Committee (FOMC) meeting on September 16 to 17, Reuters reported. A potential rate cut could weaken the dollar, making gold more attractive to investors.
Gold continues to be viewed as a hedge against inflation and currency fluctuations, with its trajectory shaped by economic indicators and geopolitical developments.
Note: This article has been updated to correct the date from August 18 to August 23.
