Gold prices in Dubai opened the day on a stable note this Tuesday, even as global markets grapple with the dual pressures of climbing oil costs and the anticipation of a potential interest rate hike by the U.S. Federal Reserve. The 24K gold rate began trading at Dh518.75 per gram, with other common karats—22K, 21K, 18K, and 14K—reflecting similarly consistent values. Globally, the precious metal saw a minor dip of 0.18%, hovering around $4,304 per ounce, while silver also experienced a slight decline.

Financial experts attribute the current market volatility largely to energy sector disruptions, including the recent shutdown of the Saudi East-West Pipeline and geopolitical tensions affecting shipping routes. According to Vijay Valecha of Century Financial, the resulting surge in crude and natural gas prices is creating an inflationary environment that complicates the economic landscape. With the Federal Reserve expected to tighten monetary policy, gold is currently facing technical hurdles. Analysts suggest that the metal is trading within a delicate support zone, and investors should watch for a potential breakout or further bearish trends depending on whether it can maintain its current technical floor.