Gold prices moved higher in Dubai on Friday, with 24-karat gold reaching Dh503 per gram during early trading.
The 24K price rose from Dh500.75 at Thursday’s close, while 22K gold was trading at Dh466.90 per gram. Prices for 21K and 18K gold stood at Dh446.75 and Dh363 respectively.
The move followed a rise in international gold prices, with spot gold trading at about $4,173 an ounce during Friday morning trading in the UAE.
Market analysts said concerns over US inflation and expectations for further Federal Reserve interest-rate decisions were influencing precious-metal prices. Gold has also remained sensitive to wider geopolitical and economic uncertainty.
For UAE residents, movements in gold prices can be particularly significant ahead of weddings, festivals and overseas trips, when jewellery purchases are common among expatriate communities.
Sri Lankan families living in the UAE also closely watch Dubai’s gold market because jewellery purchased in the Emirates is often taken home or bought for family occasions.