Dubai gold up by Dh2.25, global silver tops $61/oz
Global metals shift as investors await crucial Federal Reserve decision
DUBAI – Dubai’s gold prices registered a mild uptick on Wednesday, with 24K trading at Dh506.75 per gram according to Dubai Jewellery Group data.
The rate marked an increase from Tuesday’s Dh504.50 and followed Monday’s Dh507.00, reflecting narrow but steady movement across the local market. Other categories also posted slight gains, with 22K at Dh469.25, 21K at Dh450.00 and 18K at Dh385.75. The 14K segment stood at Dh300.75.
Comparatively, Tuesday’s prices had been marginally lower, led by 22K at Dh467.00, 21K at Dh448.00, 18K at Dh384.00 and 14K at Dh299.50. On Monday, rates were broadly higher, with 24K at Dh507.00, 22K at Dh469.50, 21K at Dh450.25 and 18K at Dh386.00, accompanied by 14K at Dh301.00.
Global gold markets
In international trading, spot gold held near $4,210.79 per ounce during early Wednesday sessions, with US gold futures edging to $4,238.90. The market maintained a narrow range as investors positioned themselves ahead of the Federal Reserve’s policy decision, which is widely expected to include a rate cut.
Silver records
Silver extended its exceptional run, reaching $61.46 per ounce in early trade after breaking the $60 mark on Tuesday. Spot silver traded around $61.30, supported by expectations of strong industrial demand driven by solar energy, electric vehicles, data centres and AI infrastructure. The gold-silver ratio compressed significantly, showing silver catching up in relative value.
Policy impact
Global traders remained focused on the outcome of the Fed meeting, with markets pricing in a high likelihood of a 25 basis point cut. Lower interest rates typically support non-yielding precious metals, including gold. At the same time, discussions around US economic policy and tariffs continued to influence the broader outlook.
Other precious metals
Other precious metals saw mixed movement. Platinum slipped to $1,667.89, while palladium eased to $1,497.31 during early global trade.