Dubai gold drops to Dh495 as global prices cool by 0.5pc
Silver, platinum, and palladium also trade lower internationally
DUBAI – Gold prices in Dubai eased on Wednesday, mirroring the softening seen in international markets as investors booked profits and the dollar edged higher.
According to data from the Dubai Jewellery Group, 24K gold was priced at Dh495 per gram, down from Dh499.25 on Tuesday and Dh488.25 on Monday.
Other categories followed the same trend, with 22K gold at Dh458.25 (down from Dh462.25), 21K at Dh439.25 (previously Dh443.25), and 18K at Dh376.75 (compared with Dh379.75 a day earlier). Despite the marginal fall, current rates remain above levels seen at the start of the week.
Global market dip
Globally, spot gold slipped 0.5% to $4,107.41 per ounce by 04:21 GMT after touching its highest mark since 23 October a day earlier. US gold futures for December delivery also edged down 0.1% to $4,113.80 per ounce. The pullback followed a short rally driven by expectations of a Federal Reserve rate cut next month.
The US dollar index rose 0.1%, snapping a five-session losing streak and weighing on gold demand among non-dollar investors. Meanwhile, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, reported a 0.41% increase in holdings, reaching 1,046.36 metric tons on Tuesday.
Market sentiment remains tied to the US outlook, where traders are pricing in a 68% chance of a 25-basis-point rate cut by the Federal Reserve in December. Some analysts expect a 50-basis-point reduction, reflecting easing inflation and rising unemployment.
The move comes after the US Senate passed a deal restoring federal funding following a prolonged shutdown that had disrupted several public services.
Other precious metals
Among other metals, silver dipped 0.4% to $51.05 per ounce, platinum fell 0.4% to $1,578.95, and palladium declined nearly 1% to $1,431.47, reflecting a broader cooling across commodities following the earlier uptrend.