Dubai gold rates today: Prices in UAE dip further, near 1-month lows

Gold rates in UAE remained near one-month lows amid a weak global trend. According to Dubai Jewellery Group, 24K gold traded at 234 dirhams per gram, down last night's close of 234.25 dirhams per gram. 22K gold today traded at 216.75 dirhams per gram, 21K at 209.75 dirhams per gram and 18K at 179.75 dirhams per gram.

In international markets gold rates were flat today but were poised to end the week sharply lower. Spot gold was today down 0.1% at $1,932.28 per ounce. For the week, prices of the yellow metal was down about 1.3% so far. A spike in US bond yields to nine-week highs put pressure on the yellow metal after a string of solid economic data this week.

Technically, gold has support at $1926-1912 while resistance is at $1948-1961, say analysts. In UAE gold prices are down 1.2% so far this week.


Investors braced for a closely watched US jobs report due later today, which could offer clues on the outlook for the Federal Reserve’s next policy move. Better than expected data might raise the odds for a September hike by the Federal Reserve and might weigh down on bullions prices, say analysts. Rising bond yields dampen the appeal of gold, which pays no interest.

Today's, non-farm payrolls figures are forecast to show the US added 200,000 jobs in July, according to Bloomberg estimates. While that would be the weakest print since the end of 2020, it’s still strong historically and a number exceeding that may fuel bets on more Fed hikes.

A deluge of treasury sales coupled with the recent Fitch Ratings downgrade of US sovereign debt has added to the upside pressure on the yields, say analysts.

The Bank of England on Thursday hiked rates by 25 bps to 5.25%, the highest level in 15 years and sounded hawkish to0, warning that borrowing costs were likely to stay high for some time. (With Agency Inputs)