Dubai gold rises to Dh439.25 for 24K, global rates steady
Silver, platinum and palladium also record modest price movements
DUBAI – Gold jewellery prices in Dubai showed a slight rise on Monday compared with the weekend, as global markets held steady ahead of a crucial United States Federal Reserve policy meeting.
Investors are watching closely whether the Fed will cut interest rates for the first time since December, with global bullion trading near historic highs.
According to Dubai Jewellery Group, the retail price for 24K gold reached Dh439.25 per gram on Monday, up from Dh438.75 on Saturday. The 22K rate stood at Dh406.75, an increase from Dh406.25, while 21K rose to Dh390.00 from Dh389.75. The 18K category advanced to Dh334.25 from Dh334.00. The small upward movement highlights the resilience of local demand even as traders anticipate shifts in global policy.
Global bullion
On international markets, spot gold was trading at $3,644.98 per ounce, a marginal 0.1% rise as of 0349 GMT. The metal had surged 1.6% last week, reaching a record high of $3,673.95 on Tuesday. US gold futures for December delivery slipped 0.1% to $3,682.62. Investors are weighing the Fed’s expected quarter-point rate cut on Wednesday, which comes amid legal disputes over its leadership and US President Donald Trump’s efforts to expand influence over monetary policy.
Goldman Sachs noted that while the long-term forecast for bullion remains positive, speculative positioning raises the risk of short-term pullbacks. Speculators trimmed net long positions by 2,445 contracts to 166,417 in the week ending 9 September. The US dollar index edged 0.1% higher, increasing the cost of bullion for overseas buyers.
Other precious metals
Silver added 0.3% to $42.29 per ounce, while platinum climbed 0.9% to $1,403.77. Palladium rose 0.2% to $1,199.35. These gains underscored broad investor interest in precious metals as safe-haven assets in an uncertain economic landscape.