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Monday, August 31, 2026
Dubai gold prices today: 24K, 22K rates fall as Fed rate-hike bets rise
By Vijay Valecha in 'Century in News'
Vijay Valecha, Mon, Aug 31, 2026 Gulf News
Dubai gold rates ease as stronger rate-hike bets put pressure on bullion
The Dubai 24K gold rate fell to Dh533 per gram, from Dh536.75 at the previous close, while 22K gold dropped to Dh493.75 from Dh497.
Dubai: Dubai gold prices slipped on Monday, giving UAE shoppers a little relief after bullion came under pressure from rising expectations of a US interest-rate hike.
The Dubai 24K gold rate fell to Dh533 per gram, from Dh536.75 at the previous close, while 22K gold dropped to Dh493.75 from Dh497.
The move comes as global gold markets digest a more hawkish outlook for US interest rates, after Federal Reserve Chairman Kevin Warsh said policymakers still have “work to do” to bring inflation back to the central bank’s 2 per cent target.
What analysts sayVijay Valecha, Chief Investment Officer at Century Financial, said gold had dipped below $4,600 an ounce ahead of Warsh’s speech, with part of the decline attributed to profit-taking after bullion reached a three-month high earlier in the week.
He said investors were also weighing the outlook for US monetary policy as policymakers remained divided over the appropriate path for interest rates.
Despite the short-term pullback, Valecha said the broader picture remained supportive for gold.
“Robust investment flows, central-bank accumulation and concerns around U.S. fiscal sustainability continue to underpin the bullish backdrop,” he said. Valecha added that gold had retreated from its recent high near $4,696 but remained above the major $4,369 breakout support level.
For the near term, he identified $4,650-$4,700 as the immediate resistance zone, while $4,550 was the first intraday support level. A break below that could push prices towards $4,500, he said.
A bigger pictureThe latest decline comes after a strong run for gold. Valecha said the precious metal had gained more than 13 per cent in August, its strongest monthly performance since January and one of its biggest monthly gains this century, in the supplied market commentary.
Gold's longer-term support has come from renewed demand for physically backed gold exchange-traded funds, continued central-bank purchases and concerns over US fiscal sustainability.
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