Dubai gold falls today with notable moves in 24K and 22K rates
Silver volatility heightens as record highs trigger profit-taking
DUBAI – Dubai’s gold prices continued their downward trend on Thursday, marking the fourth consecutive session of declines as global markets shifted into caution mode ahead of the upcoming US Federal Reserve meeting.
The Dubai Jewellery Group’s latest rates show that all categories fell today, extending a week marked by slight yet steady movement. The fluctuations follow a cooling in global bullion prices, despite earlier gains linked to rate-cut expectations and geopolitical drivers.
The broader precious metals complex also saw notable volatility, particularly in silver.
Dubai gold prices
On Thursday, 24K gold stood at Dh505.75 per gram, down from Dh508.75 on Wednesday, Dh508.25 on Tuesday and Dh508.00 on Monday.
The 22K category posted Dh468.25, compared with Dh471.25, Dh470.75 and Dh470.25 earlier in the week.
For 21K, rates reached Dh449.00, easing from Dh451.75, Dh451.25 and Dh451.00.
Meanwhile, 18K settled at Dh384.75, after Dh387.25, Dh386.75 and Dh386.50 over the past three sessions.
The 14K segment slid to Dh300.25, following Dh302.00, Dh301.75 and Dh301.50 earlier this week.
Global gold market
Spot gold traded at $4,179.71 per ounce, slipping 0.5 per cent in early Thursday activity. US gold futures were also down 0.5 per cent at $4,210.20. The easing comes as investors booked profits and trimmed exposure ahead of next week’s Federal Reserve decision, with markets assigning an 89 percent probability of a December rate cut. Lower rates typically support non-yielding assets, but traders are looking for fresh triggers after a sustained rally.
Other precious metals
Silver retreated to $57.22 after hitting a record $58.98 on Wednesday. The metal remains up 101 per cent this year, supported by structural supply tightness and higher exports from China.
Platinum slipped to $1,640.30, while palladium fell to $1,439.91, rounding off a broadly weaker session across the precious metals market.