Dubai gold rates: 24K slips to Dh400.25
Spot gold drops as dollar hits multi-year low
DUBAI’s gold market saw a mild pullback in rates on Wednesday, reflecting cautious global sentiment.
As investors braced for key US jobs data and further comments from Federal Reserve Chair Jerome Powell, the local market echoed international shifts. The price of 24-carat gold in Dubai declined Dh1.25 to stand at Dh400.25 per gram, offering a slight relief to buyers after recent highs.
Other carat movements
The downward trend extended to other variants as well. The 22-carat gold dropped by Dh2.25 to Dh370.75 per gram, while 21-carat gold was down Dh2 to Dh355.50. The 18-carat variety also saw a decline of Dh1.75, settling at Dh304.75 per gram.
Internationally, spot gold edged down 0.2 percent to $3,330.68 per ounce as of 02:17 GMT, while US gold futures dipped 0.3 percent to $3,340.60. However, later figures showed a minor recovery, with spot gold trading at $3,340.01 and futures climbing above $3,349.40. The weakening of the US dollar – hitting a three-year low – helped cushion the overall dip in gold.
Fed stance and market signals
The softer dollar came as Fed Chair Jerome Powell maintained a cautious stance, stating the central bank would “wait and learn more” about inflationary effects before considering rate cuts. His remarks followed rising pressure from President Trump for aggressive reductions.
While job openings in the US rose unexpectedly in May, a noticeable drop in hiring hinted at a cooling labour market. With the ADP employment report due shortly and the nonfarm payroll data expected Thursday, market participants remain alert for fresh cues.
In related metals, spot silver slipped 0.1 percent to $36.01 per ounce, platinum fell 0.4 percent to $1,344.91, and palladium edged up 0.4 percent to $1,104.92.