UAE Gold Prices Rise as Global Bullion Rebounds

Gold prices in the United Arab Emirates rose during Wednesday’s trading as the metal recovered in international markets.

The local gains came as the global price per ounce rebounded from recent lows, providing support for gold prices in the UAE.

Elevated US bond yields, however, remained a source of pressure on the precious metal, tempering the backdrop to the recovery.

Higher yields can make interest-bearing assets more attractive compared with gold, which pays no interest. Wednesday’s trading therefore reflected competing forces: a rebound in global bullion prices and continued pressure from US yields.