Gold prices saw a notable surge at the opening of the markets in Dubai, United Arab Emirates (UAE), on Monday, May 5.
According to data from the Dubai Jewellery Group, the price of 24-carat gold rose to 392.50 Dirham (Rs 9,004.11) per gram, up from Dh 390.50 at Sunday evening’s close on May 4.
Other gold variants saw price increases as well:
Meanwhile, in the international markets, spot gold was trading at USD 3,263.48 (Rs 2,75,477.96) per ounce, reflecting a 0.7 percent increase.
“The US Dollar is looking subdued ahead of the Fed meeting this week which is enabling gold to take a mild run higher,” Reuters reported, citing Tim Waterer, KCM Trade’s chief market analyst . “We may see gold continue to operate in the USD 3,200-USD 3,350 range ahead of the Fed meeting. However, any new headlines on the trade deal could cause volatility to tick up once again.”
The Federal Reserve is expected to maintain its benchmark interest rate on Wednesday, May 7, despite ongoing pressure from President Donald Trump, who has repeatedly urged a cut in borrowing costs.
After unsettling financial markets two weeks ago by suggesting he might dismiss Fed Chair Jerome Powell, Trump later clarified he had no plans to do so. Nevertheless, both he and Treasury Secretary Scott Bessent have continued to advocate for a rate cut.
