Dubai gold prices slip for third straight day, 24K now Dh478.50
Global bullion edges higher after bargain-hunting revival
DUBAI – Dubai’s gold prices eased slightly on Wednesday, marking the third consecutive daily decline.
According to Dubai Jewellery Group data, 24K gold stood at Dh478.50 per gram, down from Dh480.25 on Tuesday and Dh482.50 on Monday.
Similarly, 22K gold was priced at Dh443.00, 21K at Dh424.75, and 18K at Dh364.00 per gram. Over the past two sessions, Dubai’s benchmark 24K rate has shed Dh4 per gram, reflecting cooling momentum in global bullion markets.
Global gold trends
Globally, gold prices rebounded from a near one-week low, buoyed by bargain-hunting as investors awaited U.S. private payroll data for cues on future interest rate moves.
Spot gold rose 0.9% to $3,965.49 per ounce by 0547 GMT, recovering from Tuesday’s 1.5% drop to its lowest since October 30.
Meanwhile, US gold futures for December delivery increased 0.4% to $3,974.10 per ounce.
The dollar index hovered just below its recent three-month peak, keeping overall sentiment cautious. Analysts noted that bargain buying and a broader risk-off tone across markets supported safe-haven demand for bullion.
Economic outlook
Traders are now focused on the US ADP National Employment Report, due later in the day, for signs of how the labour market may influence Federal Reserve policy. The central bank cut rates last week, and while Chair Jerome Powell hinted it could be the final reduction this year, market odds for a December rate cut have dropped to 69%, down from more than 90% earlier.
With the ongoing US government shutdown halting key data releases, investors have shifted attention to private indicators for economic guidance. Historically, gold performs well in periods of lower interest rates and heightened uncertainty. Despite its recent weakness, bullion remains less than 10% below its record high of $4,381.21 reached on October 20.
Other precious metals
In early Wednesday trading, spot silver rose 1.1% to $47.62 per ounce, platinum gained 0.2% to $1,537.94, while palladium held steady at $1,397.59.