UAE gold prices rise to Dh532 per gram, 24K gains Dh10 in three days

Gold prices in the UAE moved higher on Thursday morning, extending a strong start to September. The 24-karat variety stood at Dh532 per gram on September 3, up from Dh528.25 on Wednesday, an increase of Dh3.75 in a day. The 22-karat variety climbed to Dh492.50 from Dh489.25, gaining Dh3.25. Prices have risen steadily since the beginning of the month, with the 24-karat rate increasing from Dh522 on September 1 to Dh532 on September 3, a three-day gain of Dh10 per gram. The increase in UAE retail rates comes alongside a recovery in international gold prices after the precious metal fell to around $4,285 an ounce. Gold is staging a strong recovery, with its return above $4,400 representing a gain of more than $115, or nearly 2.7%, from its latest low. The rebound follows a correction from the nearly $4,700 peak reached in late August. Lower US Treasury yields and a weaker dollar are creating favourable conditions for gold, while central-bank buying and investment demand continue to provide support.