Gold recovers from two-month low as US dollar eases from 18-month peak
In short
Gold prices rose on 8 October 2026, recovering from a two-month low as the US dollar eased from an 18-month peak, WAM and Economy Middle East reported. Spot gold was up 0.5 percent at $4,132.66 an ounce by 01:40 GMT, WAM said. Economy Middle East reported a further gain of 1.35 percent to $4,187.28 per ounce on 9 October.
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Gold prices edged higher on 8 October 2026 as the US dollar eased from an 18-month peak, helping bullion recover from a two-month low, the Emirates News Agency (WAM) reported. Spot gold was up 0.5 percent at $4,132.66 per ounce by 01:40 GMT, and US gold futures for December delivery gained 0.4 percent to $4,157.60. Among other metals, spot silver rose 0.4 percent to $60.36, platinum added 1.8 percent to $1,660.05 and palladium climbed 1.6 percent to $1,142.00, according to WAM. [ 1 ]
Economy Middle East reported spot gold up 0.54 percent at $4,133.21 an ounce by 5:15 GMT, with December futures up 0.39 percent at $4,156.65. The outlet said gold had fallen on Wednesday to its lowest level since August 5, as a stronger dollar and higher US Treasury yields weighed on the metal. It noted that a weaker dollar makes gold cheaper for holders of other currencies. [ 3 ]
In the UAE, gold rates edged higher, according to Economy Middle East: 24-carat gold gained AED4 to AED498, 22-carat rose AED3.75 to AED461.25, 21-carat rose AED3.75 to AED442.25, 18-carat edged AED3 higher to AED379 and 14-carat edged up AED2.5 to AED295.75. [ 3 ]
The outlet said the outlook for US interest rates remained a key focus for traders after minutes from the Federal Reserve's latest meeting showed policymakers divided over the rationale for raising rates. Some officials saw a hike as necessary to contain the impact of energy and other price shocks, while a more hawkish group saw higher rates as needed to guard against emerging demand-driven inflation. Markets saw an 18 percent probability of a hike later this month and an 80 percent likelihood of an increase in December, according to CME's FedWatch tool. Economy Middle East said concerns over the global economic outlook were also supporting gold, and reported that International Monetary Fund Managing Director Kristalina Georgieva warned of persistently high energy prices and record public debt. [ 3 ]
The recovery continued on 9 October. WAM reported that gold edged higher from its two-month low, and Economy Middle East reported that spot gold gained 1.35 percent to $4,187.28 per ounce by 05:09 GMT, as a softer dollar, easing Treasury yields and lower oil prices supported demand while investors assessed the Fed's rate outlook. [ 4 , 5 ]
Why it matters
Economy Middle East reported that the outlook for US interest rates remains a key focus for gold traders, with markets pricing an 80 percent likelihood of a Federal Reserve rate increase in December. The outlet also reported higher gold rates in the UAE for each carat grade it listed.
Key facts
- Spot gold was up 0.5 percent at $4,132.66 per ounce by 01:40 GMT on 8 October, WAM reported. [ 1 ]
- Economy Middle East reported spot gold up 0.54 percent at $4,133.21 an ounce by 5:15 GMT on 8 October. [ 3 ]
- US gold futures for December delivery gained about 0.4 percent to around $4,157. [ 1 , 3 ]
- Gold had fallen on Wednesday to its lowest level since August 5, Economy Middle East reported. [ 3 ]
- In the UAE, 24-carat gold gained AED4 to AED498 and 22-carat gold rose AED3.75 to AED461.25. [ 3 ]
- CME's FedWatch tool showed an 18 percent probability of a Fed rate hike later this month and an 80 percent likelihood of an increase in December. [ 3 ]
- Spot gold gained 1.35 percent to $4,187.28 per ounce by 05:09 GMT on Friday, Economy Middle East reported. [ 5 ]
Confirmed by several sources
Still unclear
- The size of the gain on 9 October. Only Economy Middle East gives a figure (1.35 percent to $4,187.28); WAM's report that day is available only as a headline.
- The direction of Federal Reserve policy. Economy Middle East reported that Fed minutes showed policymakers divided over the rationale for raising rates, and market pricing gives only probabilities.
What local media are saying
Timeline, local time
- Spot gold up 0.5 percent at $4,132.66 per ounce (GMT, 8 October), per WAM. [ 1 ]
- WAM publishes its report on gold recovering from a two-month low (8 October). [ 1 ]
- Economy Middle East reports spot gold at $4,133.21 and higher UAE gold rates (8 October). [ 3 ]
- WAM reports gold edging higher from a two-month low (9 October). [ 4 ]
- Economy Middle East reports spot gold up 1.35 percent at $4,187.28 (9 October). [ 5 ]