Gold prices in Dubai experienced a modest rise this morning, despite ongoing volatility in international markets. The price of 24-carat gold reached 480.25 dirhams per gram. Other variants also saw increases, with 22-carat at 444.75 dirhams, 21-carat at 426.50 dirhams, and 18-carat at 365.25 dirhams.
This local uptick comes after a global decline, with prices initially falling due to reduced expectations of a US Federal Reserve interest rate cut. However, the release of new US manufacturing data helped gold regain strength internationally. Market experts suggest that if the US dollar weakens and rate cut expectations grow, gold could potentially surpass $4,100 per ounce this week. While gold faced a significant drop after reaching record highs last month, analysts maintain that the overall market outlook for the year remains stable.
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