Gold prices in the UAE saw a slight decline at the start of the trading week, though they continue to hover above the Dh300 per gram mark. According to data from the Dubai Jewellery Group, the 24K gold variant was priced at Dh304.0 per gram at 9 am UAE time, down slightly from Dh304.25 per gram at the close of the previous weekend.
Other gold variants also saw minor adjustments. The 22K variant was trading at Dh281.25 per gram, the 21K at Dh272.5 per gram, and the 18K at Dh233.5 per gram.
Samer Hasn, a senior market analyst at XS.com, attributed last week’s gold price increase to remarks made by US Federal Reserve Chair Jerome Powell during his speech at the Jackson Hole symposium. Powell’s comments fueled market speculation about potential interest rate cuts by the Federal Reserve later this year.
“Gold gained last week following Powell’s speech, with markets interpreting his words as soft signals towards an impending interest rate cut,” Hasn explained. He noted that investors are closely watching for further developments, particularly in light of ongoing ceasefire negotiations in Gaza, which could influence market sentiment.
Hasn added that Powell’s upcoming statements will be crucial, especially as the market anticipates a possible interest rate cut in September. “Markets are already betting on a 25-basis point cut in September
