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Dubai: Gold prices in Dubai opened slightly higher on Wednesday, September 10, reflecting modest market movement ahead of key United States (US) inflation data due later this week.

According to the Dubai Jewellery Group (DJG), the rate for 24-carat gold in Dubai increased to Dirham 439.00 per gram, up from Dh 438.75 per gram at the close of trading on Tuesday, September 9.

22-carat gold also registered a rise, reaching Dh 406.50 per gram. Meanwhile, 21-carat and 18-carat variants held firm at Dh 389.75 and Dh 334.00 per gram, respectively.

In contrast, gold rates in Saudi Arabia remained unchanged. According to Malabar Gold & Diamonds, prices stood at,

• 24-carat – SAR 450.00 per gram
• 22-carat – SAR 414.00 per gram
• 21-carat – SAR 395.00 per gram
• 18-carat – SAR 339.00 per gram

In the international market, spot gold was steady at USD 3,641.75 per ounce in early trading hours.

The market is now closely watching the upcoming Producer Price Index (PPI) and Consumer Price Index (CPI) data, expected Wednesday and Thursday, which could shape the Federal Reserve’s stance on interest rates at its meeting next week.

Gold’s safe-haven appeal remained intact following an Israeli airstrike in Doha on Tuesday targeting senior Hamas officials. The incident has added to geopolitical tension in the region.

Jane Foley, head FX strategist at Rabobank, told Reuters, “The market has made up its mind, and probably quite rightly, that the Fed is going to be cutting interest rates. But for one, there’s been quite a lot priced in between now and the end of next year.”

“On the other hand, adding to uncertainty is the geopolitical situation. There is the Poland news, there is the Qatar news. None of that is reassuring,” she added.

Gold continues to be seen as a buffer against inflation and currency fluctuations, with its performance closely tied to economic indicators and international affairs.