Dubai gold dips to Dh439 as global bullion steadies near $3,635
US inflation data and Fed meeting keep investors closely watching gold
DUBAI – Gold prices in Dubai advanced on Wednesday, according to Dubai Jewellery Group, with 24K trading at Dh439 per gram, up from Dh438.75 on Tuesday and significantly higher than Dh431.50 at the start of the week.
The 22K variety stood at Dh406.50 per gram, slightly higher than Tuesday’s Dh406.25 and Monday’s Dh399.75. Meanwhile, 21K was priced at Dh389.75, compared to Dh391.00 on Tuesday and Dh383.25 on Monday. The 18K category reached Dh334, almost unchanged from Dh335 on Tuesday, yet stronger than Dh328.25 recorded earlier this week.
Global gold levels
Globally, gold steadied near $3,635 an ounce on Wednesday, holding above the critical $3,600 level. The price came after a surge to $3,673.95 on Tuesday, close to an all-time high, as traders bet on upcoming US interest rate cuts. Futures for December delivery eased slightly to $3,673.70.
The Federal Reserve will set monetary policy next week, with producer price data due Wednesday and consumer inflation figures expected Thursday. These reports will heavily influence expectations for a rate cut, possibly the first of two this year.
Market drivers
Gold has surged nearly 40% in 2025, powered by strong central bank purchases, geopolitical tensions, and expectations of lower borrowing costs. Political uncertainty in the United States, particularly around trade policies under President Donald Trump, has also supported safe-haven demand.
In India, the 24-carat rate was about ₹11,030 per gram on Tuesday, while 22-carat traded near ₹10,111 per gram, reflecting regional buying interest.
Other precious metals
Silver, platinum, and palladium traded in a narrow range alongside gold, with investors focusing mainly on the Federal Reserve’s decision and its global ripple effect. While bullion has captured most of the spotlight, other precious metals are also being closely tracked as part of a broader commodities rally.