Dubai gold prices drop as global bullion steadies near $3,971
US rate cut expectations and geopolitics continue to shape gold demand
DUBAI – Gold prices in Dubai slipped on Friday, reflecting a broader stabilisation in global bullion markets that have hovered below $4,000 per ounce this week.
According to the Dubai Jewellery Group, 24K gold stood at Dh478.25 per gram, down from Dh486.25 on Thursday and Dh485.25 on Wednesday, while the metal remains on course for a modest weekly loss after earlier gains.
For other purities, 22K gold was priced at Dh442.75, 21K at Dh424.25, and 18K at Dh363.75 per gram. That compares with Dh450.50, Dh431.75, and Dh370.25, respectively, a day earlier.
Earlier in the week, rates had opened on Monday at Dh474.50 (24K), marking a gradual climb midweek before Friday’s correction.
Global market update
Globally, spot gold slipped 0.1% to $3,971.43 per ounce by 0514 GMT but remained up 2.2% for the week, poised for an eighth straight weekly gain. US gold futures for December delivery rose 0.3% to $3,985.80, maintaining the metal’s strong yearly rise of about 52%.
The rally has been underpinned by heightened geopolitical risks, especially following Israel’s ratification of a ceasefire with Hamas, and continued market anticipation of further US rate cuts. The Federal Reserve’s September minutes reflected policymakers’ concern over economic risks, reinforcing market expectations of two more 25 basis-point cuts this year.
Other precious metals
Silver rose 0.9% to $49.55 per ounce, easing from Thursday’s record $51.22. Meanwhile, platinum fell 1% to $1,602.25, and palladium slipped 2.2% to $1,381.29.