Gold prices in Dubai maintained their upward momentum this Thursday, marking a solid Dh17.5 increase over the past week. The 24K variant climbed to Dh541 per gram, reflecting a steady recovery alongside other categories like 22K, 21K, and 18K, which also saw notable price hikes. This shift in the local market mirrors a broader global trend, where gold and silver are bouncing back following a brief mid-week sell-off, bolstered by a retreat in US Treasury yields and a softening dollar.

Market experts suggest that the current rally is largely driven by cooling US economic data, which has tempered expectations for aggressive Federal Reserve interest rate hikes. According to Vijay Valecha of Century Financial, the precious metals market is enjoying a bullish medium-term outlook as lower yields provide a favorable environment for gold. While investors are keeping a close watch on upcoming policy signals from the Jackson Hole symposium, the technical landscape remains constructive; as long as gold holds above the key $4,323 support level, analysts believe the recent price movement should be viewed as a healthy correction within a larger upward trend.