Dubai gold falls to Dh480.25 as global bullion stays under $4,000
Silver, platinum and palladium also register marginal declines
DUBAI – Dubai’s gold prices saw a slight decline on Tuesday, according to Dubai Jewellery Group data.
The retail rate for 24K gold stood at Dh480.25 per gram, down from Dh482.50 on Monday. Similarly, 22K dropped to Dh444.75 from Dh446.75, 21K to Dh426.50 from Dh428.25, and 18K to Dh365.25 from Dh367.25.
The latest price movement reflects subdued sentiment in global bullion markets as the dollar holds firm and investors scale back expectations of another US Federal Reserve rate cut this year.
Global bullion trends
Internationally, spot gold was down 0.4% at $3,984.49 per ounce as of 0501 GMT, while US gold futures fell 0.5% to $3,994.40. Gold remains under the $4,000 mark, pressured by a dollar trading near a three-month high. The Federal Reserve’s recent split views on monetary easing have further tempered investor appetite for the precious metal.
The Fed cut rates for the second time this year last week, but Chair Jerome Powell cautioned that another reduction before year-end was “not a foregone conclusion”. As per CME’s FedWatch Tool, traders now see a 65% chance of another cut in December – down from over 90% before Powell’s remarks.
Fed officials have continued to express mixed opinions on the economic outlook, adding to uncertainty ahead of the December meeting. The debate comes amid a temporary US government shutdown that has delayed key data from the Bureau of Labor Statistics.
Gold has gained 53% so far this year, though it remains more than 8% below its record high of October 20. Market watchers now look to the upcoming US ADP employment report and ISM PMIs for clues on rate direction.
Other precious metals
Elsewhere, silver edged 0.1% lower to $48.05 per ounce, platinum slipped 0.3% to $1,561.10, and palladium dropped 1.6% to $1,422.43.