Dubai gold slips to Dh482.25 per gram as global prices retreat
Dollar index strengthens, weighing on bullion appeal
DUBAI – Gold prices in Dubai continued to soften on Saturday, with 24K trading at Dh482.25 per gram, slightly lower than Dh482.75 on Friday, according to the Dubai Jewellery Group.
The 22K variety was priced at Dh446.50, while 21K and 18K stood at Dh428.25 and Dh367, respectively.
On Friday, 24K was Dh482.75, 22K Dh447, 21K Dh428.50, and 18K Dh367.50. Prices had seen a small recovery earlier in the week – on Thursday (Dh479), Wednesday (Dh476), Tuesday (Dh479), and Monday (Dh490.25) – reflecting volatility in international bullion markets.
Global market moves
Globally, spot gold fell 0.6% to $4,001.74 per ounce on Friday, pressured by uncertainty over the US Federal Reserve’s next interest rate decision.
Despite this dip, the precious metal is still poised for its third straight monthly gain, up about 3.7% in October, after hitting a record high of $4,381.21 earlier in the month.
US gold futures for December delivery settled at $3,996.5 per ounce, while the dollar index hovered near a three-month high, adding pressure on non-yielding bullion.
Fed policy and tariffs
The Federal Reserve’s cautious tone dampened expectations of another rate cut this year. Comments from Federal Reserve Bank of Cleveland President Beth Hammack reinforced the need to maintain restrictive policy to curb inflation, sending ripples through the commodities market.
Meanwhile, US President Donald Trump announced a reduction in tariffs on Chinese imports – from 57% to 47% – in exchange for cooperation on fentanyl control, soybean purchases, and rare earth exports.
The announcement sparked mixed sentiment across markets, adding another layer of complexity to gold’s near-term outlook.
Other precious metals also saw mild declines, with silver down 0.4% to $48.73 per ounce, platinum falling 1.7% to $1,583.41, and palladium edging 0.4% lower to $1,440.02.