Dubai gold rates: 24K climbs to Dh406.50 amid global market uncertainty
Global spot gold eases after hitting a near two-week high
DUBAI gold prices rose further on Wednesday, with 24K gold priced at Dh406.50 per gram, up from Dh406.25 on Tuesday and Dh404.75 on Monday.
The two-day gain of Dh1.75 marks a sustained local upswing despite minor corrections globally.
The 22K variant climbed to Dh376.25, up from Dh376.00, while 21K remained stable at Dh360.75. The price of 18K slipped slightly to Dh309.25, down from Dh309.50 on Tuesday.
Global gold prices
In international markets, spot gold edged down 0.2% to $3,374.72 per ounce as of 0442 GMT, following Tuesday’s near two-week high. US gold futures also dipped 0.1% to $3,429.80. The mild drop came as the dollar rebounded from a one-week low, reducing demand for dollar-priced bullion.
Investor sentiment remained cautious ahead of former President Donald Trump’s expected announcement on Federal Reserve leadership changes. Speculation intensified after Fed Governor Adriana Kugler resigned and Trump hinted at naming a short-term replacement and his pick for Fed chair.
How are markets reacting?
With traders eyeing a possible interest rate cut in September, now given an 87% chance by the CME FedWatch tool, gold remains sensitive to policy cues. Tensions flared on the trade front as Trump threatened new tariffs on Indian goods over its Russian oil ties, prompting a firm response from New Delhi.
Adding pressure to the bullion trade, Perth Mint reported a 33% fall in gold sales in July, with silver sales dropping to a six-month low.
Other precious metals
Midweek movements across other precious metals remained mixed. Spot silver held steady at $37.82 per ounce, platinum declined 0.5% to $1,314.76, and palladium slipped 0.6% to $1,168.42.