Dubai gold prices near August high at Dh531 per gram for 24K

Dubai gold prices moved closer to their highest level of August on Monday, leaving jewellery buyers facing rates that have risen by nearly Dh44 per gram since the beginning of the month. The 24K variety was priced at Dh531 per gram at 8.34 am in Dubai on Monday, up from Dh527.50 on Sunday, while 22K gold climbed to Dh491.75 from Dh488.50. Monday's rate puts 24K gold just Dh2.25 below its August high of Dh533.25 recorded on August 12. Buyers tracking gold since the start of August have seen the 24K rate gain Dh43.75 per gram, or almost 9%, from Dh487.25 on August 1. The increase has been similar for 22K gold, which has risen from Dh451.25 at the start of August to Dh491.75, a gain of Dh40.50 per gram. Internationally, gold extended a two-week advance and was trading near $4,400 an ounce. Weaker US retail sales data and a decline in consumer sentiment weighed on the dollar and helped ease concerns over an imminent US interest rate increase.