Dubai: Retail prices of the precious metal in Dubai started to regain some strength following a fall in Asian stocks and softening of the US dollar.
As of 9.58am, spot gold increased 0.6 per cent at $1,141 an ounce, causing retail prices in Dubai to gain about a dirham more per gram.
The retail price of 24-carat went up from Dh137 to Dh138, while 22K increased from Dh130.25 to Dh131.
The price for 21K gold stood at Dh125.75, up from Dh125 a day earlier, while18K gold went up from Dh108.25 to Dh108.75 and ten tola gold bar from Dh15,705 to Dh15,800.
Stocks in China and Hong Kong on Tuesday fell five per cent and 2.2 per cent, respectively. The US dollar is also showing some weakness against other currencies, falling 0.6 per cent to 120.50, while the euro is up 1 per cent.
Oil prices had soared by more than 8 per cent, the highest since July 21, but later retreated on Tuesday, with prices dropping around three per cent in Asian trade.
Expectations that the United States Federal Reserve will push through with the interest rate increase is mounting and this is seen to have an impact on gold prices.
Overall, the precious metal still ended the month of August 3.5 per cent higher.
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--With reports from Reuters
