Dubai gold slips slightly midweek, while global prices hit record $3,875
Global investors watch US shutdown and Federal Reserve rate cut signals
DUBAI – Dubai Jewellery Group posted Wednesday’s retail gold jewellery prices showing 24K at Dh465.75 per gram, slightly lower than Tuesday’s Dh466.00.
Meanwhile, 22K was Dh431.50, marginally above Tuesday’s Dh431.25. The 21K category stood at Dh413.50 compared with Dh413.75 a day earlier. The 18K price remained unchanged at Dh354.50.
Monday’s prices were considerably lower, with 24K at Dh458.25, 22K at Dh424.25, 21K at Dh407.00 and 18K at Dh348.75. This means Dubai gold is holding near its upper range for the week, despite minor day-to-day shifts.
Global gold moves
Internationally, gold prices surged to $3,875 an ounce, setting a record high for the third straight session. The gains came as Wall Street futures slipped 0.5% on both the S&P 500 and Nasdaq, reflecting investor caution after the US government shutdown deadline passed without resolution.
The standoff is expected to delay the release of critical economic data, including September’s non-farm payrolls, increasing the weight given to today’s ADP National Employment Report, which is forecast to show a 50,000 job rise. Futures markets now imply a 96% probability of a Federal Reserve rate cut in October, up from 90% a day earlier, alongside a 74% chance of another move in December.
Precious metals and markets
Other precious metals also showed movement. Silver edged higher at $45.92 an ounce, while platinum held steady near $1,097. In energy markets, oil steadied after recent declines, with US crude at $62.46 per barrel and Brent at $66.16.
Asian equities traded mixed, with Japan’s Nikkei sliding over 1% after a strong quarter, while South Korean shares rose 0.6% on robust export data. Taiwan gained 1.3%, though Chinese markets, including Hong Kong, were closed for a holiday.