Dubai gold sees three-day gain with 24K at Dh508.75
Silver reaches all-time high as markets await critical US data
DUBAI – Dubai gold prices moved higher on Wednesday, marking a three-day upward streak according to the Dubai Jewellery Group.
The gains came as global bullion steadied on expectations of a Federal Reserve rate cut next week and as silver surged to a historic peak.
The mid-week performance set a slightly firmer tone across local categories, with all retail segments recording modest increases compared with Tuesday and Monday.
Dubai gold prices
On Wednesday, 24K gold stood at Dh508.75 per gram, up from Dh508.25 on Tuesday and Dh508.00 on Monday. The 22K category reached Dh471.25, rising from Dh470.75 and Dh470.25 over the previous two sessions.
Similarly, 21K was priced at Dh451.75, compared with Dh451.25 on Tuesday and Dh451.00 on Monday, while 18K advanced to Dh387.25 from Dh386.75 and Dh386.50. The 14K segment edged up to Dh302.00, continuing its steady climb from Dh301.75 and Dh301.50 earlier in the week.
Global gold trends
Globally, spot gold traded at $4,222.22 per ounce, recovering from a 1% drop in the previous session. Futures for December delivery touched $4,252.90. The rebound followed renewed expectations of a Federal Reserve rate cut, with futures markets now pricing an 89% probability of easing at the upcoming December 9-10 meeting. A softer run of recent US data has also contributed to the shift in sentiment.
Further attention this week centres on November ADP employment data and the delayed September PCE Index, the key inflation gauge monitored by the US central bank. Additional focus remains on Washington after President Donald Trump signalled he plans to announce a new Federal Reserve chair early next year.
Other precious metals
Silver continued to dominate global metals movement, climbing to a fresh record high of $58.94 before settling at $58.73. Platinum inched up to $1,638.34, and palladium held steady at $1,462.27.