Dubai gold rates slip to Dh431.50 as global price nears $3,600
Traders raise long positions as silver and platinum diverge
DUBAI – Gold prices in Dubai eased slightly today, according to the Dubai Jewellery Group.
On Monday, 24K gold was priced at Dh431.50 per gram, lower than Dh432.25 recorded on Saturday.
Similarly, 22K stood at Dh399.75 versus Dh400.25, 21K at Dh383.25 compared with Dh383.75, and 18K at Dh328.25 against Dh328.75 over the weekend.
Global bullion
Globally, gold held near an all-time high, with spot prices steady at $3,583.41 per ounce as of 0454 GMT. This followed Friday’s record of $3,599.89. US gold futures for December delivery eased 0.8% to $3,624. The surge in bullion has been supported by expectations that the US Federal Reserve will cut interest rates this month after weaker-than-expected jobs data showed the unemployment rate rising to 4.3%, a near four-year high.
Gold has already climbed 37% this year, building on a 27% gain in 2024, with support from central bank purchases, a softer dollar, and global uncertainty. China’s central bank added to its reserves in August, marking a tenth consecutive month of buying. Traders also increased their net long positions in gold by 20,740 contracts, taking the total to 168,862 in the week ending September 2, according to CFTC data.
The focus this week is on US inflation figures due Thursday, which could offer clearer signals on the size of the Fed’s upcoming rate cut. Lower rates typically reduce the opportunity cost of holding non-yielding bullion while pressuring the dollar, making gold more attractive for investors.
Other precious metals
Elsewhere, silver slipped 1% to $40.57 per ounce, platinum edged higher at $1,375.33, and palladium held steady at $1,109.50.