Dubai gold prices drop by Dh2.5 amid global market caution
Silver retreats after hitting record high last Friday
DUBAI – Dubai’s retail gold prices slipped on Tuesday, with all key categories edging lower compared with Monday’s levels, according to Dubai Jewellery Group data.
The market continued to follow global cues as traders positioned ahead of the Federal Reserve’s policy meeting.
Dubai gold prices
On Tuesday, 24K gold stood at Dh504.50 per gram, down from Monday’s Dh507.00. The 22K category declined to Dh467.00 from Dh469.50, while 21K eased to Dh448.00 compared with Dh450.25 a day earlier. The 18K segment was priced at Dh384.00, slightly below Monday’s Dh386.00, and 14K moved to Dh299.50 from Dh301.00.
Global gold market
Globally, spot gold slipped 0.3% to $4,174.91 per ounce as of 0609 GMT, while U.S. gold futures for December delivery fell 0.4% to $4,202.70. The pullback followed a rise in U.S. Treasury yields, with the 10-year benchmark holding near a 2½-month peak set on Monday.
Investors priced in an 89% probability of a quarter-point rate cut at the Federal Reserve’s December 9-10 meeting, according to CME’s FedWatch Tool. Markets monitored for indications of a potentially “hawkish cut,” shaped by recent data showing stable inflation – with the PCE Price Index matching expectations – and mixed labour indicators, including a three-year low in jobless claims.
Analysts noted that earlier signals from Federal Reserve Chair Jerome Powell suggested a cautious approach to easing, prompting traders to shift positions. Expectations of a high threshold for additional cuts into 2026 kept sentiment focused on interest-rate commentary.
Other precious metals
Silver fell 0.6% to $57.76 per ounce after recording a historic high of $59.32 on Friday. Platinum traded 0.2% lower at $1,638.35, while palladium dropped 0.4% to $1,459.78.