Dubai gold hits Dh508 as global prices near $4,226 amid rate cut bets
Silver sets all-time high, platinum and palladium also rise
DUBAI – Gold prices in Dubai began Monday at higher levels, reflecting both local and global momentum.
According to the Dubai Jewellery Group, the retail rate stood at Dh508 per gram for 24K, while 22K was listed at Dh470.25. The 21K category registered Dh451, and 18K was priced at Dh386.50 per gram.
Global gold movement
Globally, spot gold traded at $4,225.91 per ounce after reaching its highest level since 21 October. US gold futures were slightly higher at $4,260.20. The metal’s gains mirrored a broader risk-off sentiment, influenced by weaker equity performance and concerns in cryptocurrency markets.
The US dollar hovered at a two-week low, making bullion more attractive to international buyers.
Investor attention is now fixed on the growing probability of a US interest rate cut this month, with rate futures indicating an 87% chance based on the CME FedWatch tool. Expectations of lower borrowing costs tend to support gold, especially as non-yielding assets gain appeal.
Market watchers are also monitoring upcoming core US Personal Consumption Expenditures data for more clarity on inflation trends and central bank direction. Political developments in Washington continue to generate interest, particularly with potential shifts in economic leadership and policy under Donald Trump.
Other precious metals
Silver delivered standout performance, briefly hitting an all-time high of $57.86 before trading at $56.78 per ounce. Market analysts linked some of silver’s movements to thinner liquidity following a recent CME outage.
Platinum traded at $1,683.03, marking a 0.6% rise, while palladium was up 1% at $1,465.44.