Gold Holds Near AED 524/Gram in Dubai, Oil Steady Around $82 Brent Following Weak US Jobs Data and Record S&P 500 Close

Dubai retail gold prices held firm at AED 523.75 per gram for 24-karat gold on August 8, up approximately 2.7 percent from AED 510.50 on August 6, reflecting a steady upward trend over the past month as international spot gold prices remain supported by safe-haven demand. The increase follows Friday's unexpected loss of jobs in the US July employment report, which sent the S&P 500 to a new all-time closing high of 7,757.64 points, up 0.62 percent on the day, as traders interpreted the weak labor data as reducing near-term pressure for Federal Reserve interest rate hikes. The Nasdaq Composite climbed 1.3 percent to 26,690.62, while the Dow Jones Industrial Average added 0.28 percent to close at 54,036.93, capping the strongest weekly gains for major US indices since mid-April. Oil prices remained relatively stable, with Brent crude closing at approximately $82.15 per barrel on August 7, down 0.41 percent from the prior session, and West Texas Intermediate at $77.08 per barrel, down 0.27 percent. Prices have risen roughly 5 percent over the past month on continued geopolitical uncertainty surrounding the Strait of Hormuz, even as Iran and regional partners advance negotiations on reopening the waterway. Markets are closely watching the Iranian parliament's review of a draft proposal that would impose stricter conditions on commercial shipping through Hormuz, including prohibitions on US and Israeli vessels and compensation requirements for countries deemed hostile. The combination of elevated gold, steady oil, and record equity highs underscores the mixed risk environment facing Gulf investors as they navigate post-conflict reopening dynamics, inflation concerns, and central bank policy signals heading into the second half of August.