Dubai gold edges higher; 24K at Dh482.50 amid stronger dollar
Global gold holds steady as investors trim rate-cut expectations
DUBAI – Dubai gold prices showed a marginal rise at the start of the week.
According to the Dubai Jewellery Group, 24K gold was priced at Dh482.50 per gram on Monday, up from Dh482.25 on Saturday. The 22K variant stood at Dh446.75, compared with Dh446.50 two days earlier. Meanwhile, 21K remained unchanged at Dh428.25, and 18K edged up slightly to Dh367.25 from Dh367.
Global bullion movement
In the international market, gold held steady as a stronger dollar limited gains. Spot gold slipped 0.1% to $3,997.94 per ounce as of 0250 GMT, while US gold futures for December delivery rose 0.3% to $4,008.60. The metal has retreated about 10% from its record high of $4,381.21 reached on 20 October, as the dollar hovers near a three-month high.
The market continues to react to Federal Reserve Chair Jerome Powell’s hawkish comments, which have tempered expectations for another interest rate cut this year. The Fed reduced rates by 25 basis points on 29 October for the second time in 2025, but traders now estimate a 71% probability of another cut in December, down from over 90% before Powell’s remarks, according to the CME FedWatch Tool.
Tariffs and trade
Gold’s safe-haven appeal also softened following an easing of US-China trade tensions. US President Donald Trump recently announced that Washington and Beijing had agreed to scale back tariffs in exchange for Chinese concessions on fentanyl regulation, soybean imports, and rare earth exports.
Elsewhere in the precious metals market, silver gained 0.3% to $48.77 per ounce, platinum rose 1% to $1,583.28, and palladium increased 0.4% to $1,439.21, reflecting a mixed performance across the board.