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Gold edges back toward recent highs, lifting Dubai rates

24K rises to Dh534.50 while global gold remains biased higher ahead of key US data

Last updated: September 08, 2026 | 09:23

Nivetha Dayanand, Assistant Business Editor

2 MIN READ

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Diamond-encrusted gold rings are displayed in a storefront of a shop.

AFP

Dubai: Gold prices in Dubai moved higher again on Tuesday morning, taking the 24-karat rate to Dh534.50 per gram and pushing 22-karat gold back to Dh495.

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The 24K rate was up Dh3.75 from Dh530.75 on Monday, while 22K gained Dh3.50 from Dh491.50, adding to a month that has already seen sizeable swings in local jewellery prices.

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Consumers tracking gold for purchases have seen rates move between Dh522 and Dh542 for 24K since the start of September.

Prices remain well above start of September

Dubai’s 24K gold price began the month at Dh522 on September 1 before rising to Dh528.25 the following day and then reaching Dh542 on September 3, the highest level recorded so far this month.

Prices subsequently eased to Dh532.25 on September 4 and Dh533.75 on September 5 and 6, before falling to Dh530.75 on Monday and recovering again on Tuesday morning.

The 22K rate has followed a similar path, rising from Dh483.25 at the start of September to Dh502 on September 3. It later slipped below Dh500 and stood at Dh495 on Tuesday morning.

Rates for 21K and 18K have also moved higher since the beginning of the month. The 21K rate started September at Dh463.50 and reached Dh481.25 on September 3, while 18K rose from Dh397.25 to Dh412.50 over the same period.

Also Read: Dubai gold prices hit nearly 80-day high, 24K crosses Dh540 and 22K tops Dh500

Also Read: Dubai gold prices ease after 24K touched Dh542, Fed outlook takes centre stage

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“Gold remains locked in a battle between buyers and sellers, with neither party showing enough conviction to drive a sustained and persistent directional move in the gold price,” said Chris Weston, Head of Research at Pepperstone.

Weston said several factors leave the balance of risk modestly tilted higher, with $4,500 remaining an important level for the market.

Chinese demand remains among the factors being watched after the People’s Bank of China added around 630,000 ounces of gold to its reserves in its latest reported purchase.

The purchase extended its accumulation programme to a 22nd consecutive month and represented its largest monthly addition since 2023, according to Weston.

“Continued official-sector buying therefore provides another potential catalyst for upside momentum.”

US inflation data in focus

Gold markets are also waiting for US producer inflation figures and Friday’s core consumer inflation reading, with traders assessing what the data could mean ahead of next week’s Federal Reserve meeting.

Weston noted that the US rates markets currently imply a 63% probability of a Fed rate hike, while 68 of 76 economists surveyed by Bloomberg expect rates to remain unchanged.

Treasury buyback operations beginning this week are another factor being monitored because any resulting pressure on longer-term yields could affect gold.

Weston said continued Chinese accumulation, possible US dollar weakness ahead of the Federal Reserve meeting and the Treasury backdrop leave gold with a modest upward bias.

“$4,500 remains the obvious upside level to watch.”

Nivetha DayanandAssistant Business Editor

Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.