Dubai gold price steady as oil rises, Fed rate hike weighs on market - Khaleej Times

AI desk brief

Dubai gold prices were steady at the open even as spot gold slipped 0.18% to $4,304/oz and silver fell 0.62% to $63.26/oz. The article says rising oil prices and expectations that the Fed will hike rates this week are weighing on bullion, with gold seen vulnerable if support at $4,310-$4,325 breaks.

Local Dubai quotes showed 24K gold at Dh518.75/g, with 22K at Dh480.50, 21K at Dh460.50, 18K at Dh394.75 and 14K at Dh308. Century Financial’s Vijay Valecha said Middle East supply disruptions are adding an inflationary jolt, but the near-term macro setup remains negative for gold. He flagged $4,225 as the next downside target on a break below $4,310, while a rebound from support could restore a bullish bias.