Welcome to Al Nafaq Al Dhahabiu’s market update for Monday July 6. We are glad to share that gold is holding steady at approximately $4,150 per ounce after a strong week — prices rose about 2% last week, the first weekly gain since late May. The market is calm and stable today as it awaits an important Federal Reserve update on Wednesday. Here is our clear, friendly guide to what is happening and what it means for you.
Today’s prices:
24K: ~$133.30/gram | 22K: ~$122.20/gram | 21K: ~$116.60/gram | 18K:
~$99.98/gram
Why did gold recover last week? The US released a weak jobs report — the economy added only 57,000 jobs in June, far below the 110,000 expected. When the economy slows, the US Federal Reserve is less likely to raise interest rates. And because gold does not pay interest, it becomes more attractive when rates are expected to stay lower. This pushed gold up. The chance of a rate hike in September fell from 66% to about 50%.
What’s happening this week? On Wednesday, the Federal Reserve will release the “minutes” of its recent meeting — a detailed record of what its officials discussed. This will give clues about whether the Fed is likely to raise interest rates soon. It is the main event to watch this week, and it could move prices slightly in either direction.
The region is calmer too. Oil prices have settled to around $70 a barrel as shipping through the Strait of Hormuz recovers, which helps ease inflation and supports a more stable outlook.
Our friendly guidance:
For weddings and gifts: gold remains at attractive prices, still well below January’s record high. It is a good time to buy for a near-term need.
For long-term savings: the outlook is positive. The world’s central banks continue buying gold strongly — they added 41 tonnes in May, led by Poland and China.
Buying steadily is a wise, proven approach.
For regular buyers: keep going. Buying a little at a time, through both dips and recoveries, is one of the most reliable ways for families to build gold savings.
A reassuring point: Even during last month’s price decline, the world’s central banks kept buying gold — a strong signal of confidence in gold’s long-term value. This steady demand from major institutions is one of the best reasons to feel confident about gold over time.
Gold at $4,150 is up 24.4% over the past year — a reminder of gold’s enduring strength. Al Nafaq Al Dhahabiu will keep you updated after Wednesday’s Fed news and as the market develops.
Today’s prices: 24K — $133.30/gram | 22K — $122.20/gram | 21K —
$116.60/gram
All prices USD. Indicative only. Please confirm final pricing in store.
