Dubai gold prices rise to Dh524 as global rally loses momentum

Dubai gold prices recorded a slight increase on Friday, 14 August, even as international bullion markets signaled a cooling trend following a two-month peak. Local retail rates in the UAE remained near recent highs, driven by currency fluctuations and local demand despite global profit-taking. Local Retail Rates Climb In Dubai, the retail price for 24K gold rose to Dh524.25 per gram on Friday, up from Dh523.50 on Thursday. Similarly, 22K gold increased to Dh485.50 per gram, compared to Dh484.75 the previous day. This local uptick contrasts with the international spot market, where gold was quoted at $4,356.77 per ounce, a decline of 0.15 per cent. The divergence between local and global trends comes as investors lock in gains after gold hit its highest level since 5 June. While global prices eased, the slight daily increase in Dubai means shoppers continue to face elevated costs compared to July levels. Global Market Correction Analysts suggest the current global dip is a technical correction rather than a long-term bearish shift. Rania Gule, Senior Market Analyst at XS.com – MENA, noted that gold is undergoing a phase of profit-taking and repositioning. According to Gule, the market is clearing short-term positions to create a more balanced base for future upward movement. Ole Hansen, an analyst at Saxo Bank, stated that "tame U.S. inflation data" has already been priced into the market, reducing expectations for aggressive near-term interest rate hikes by the Federal…