Dubai gold rates ease after highs
Global spot gold slides as US rate-cut bets dominate markets
DUBAI – Gold prices in Dubai moderated on Thursday, with 24K retail gold set at Dh425.50 per gram, compared with Dh426.00 on Wednesday, Dh421.50 on Tuesday, and Dh418.75 on Monday.
The 22K rate slipped to Dh394.25, down from Dh394.50 a day earlier. Meanwhile, 21K stood at Dh378.00, and 18K at Dh324.00, each showing a gradual softening after a week of near-record levels.
The shift reflects a mild correction in line with global markets, where bullion retreated after breaching historic highs. Dubai’s 22K, the most traded category, has now shed Dh4 from its week-opening peak of Dh397.
Global bullion movement
Internationally, spot gold fell 0.8% to $3,530.69 per ounce as of Thursday morning, down from the record $3,578.50 touched on Wednesday. US gold futures for December delivery also dipped 1.3% to $3,590.
The easing is attributed to profit-taking by investors after months of strong gains. Since January, gold has risen more than 30%, securing its position as one of the year’s best-performing assets. With the Federal Reserve’s policy meeting looming on 17 September, traders now price in a 97% probability of a 25-basis-point cut, up from 92% earlier in the week.
US economy focus
The US labour market remains a key influence. Job openings fell more than expected to 7.181 million in July, increasing expectations that the Fed will act to ease monetary conditions. Non-farm payrolls data, due on Friday, is forecast to show an August increase of 78,000 jobs, compared with 73,000 in July.
Adding to market uncertainty, former President Donald Trump suggested the US might need to unwind trade agreements with the EU, Japan and South Korea depending on a Supreme Court ruling on tariffs.
Meanwhile, silver retreated 0.8% to $40.82 per ounce, platinum slipped to $1,409.53, and palladium dropped to $1,129.82.