Dubai gold rates drop, 24K at Dh443.75 today
Global bullion climbs past $3,700 after Fed rate cut bets
DUBAI – Gold jewellery prices in Dubai edged lower on Wednesday, with the Dubai Jewellery Group posting fresh rates across all categories.
The 24K variant was listed at Dh443.75 per gram, down from Dh444.00 on Tuesday and Dh439.25 on Monday.
Similarly, 22K stood at Dh410.75 today, compared with Dh411.25 on Tuesday and Dh406.75 on Monday. The 21K price was Dh393.75, marginally softer than Tuesday’s Dh394.00 but above Monday’s Dh390.00. For 18K, the rate was Dh337.75, against Dh338.00 a day earlier and Dh334.25 two days ago.
Global gold markets
Spot gold traded at $3,683.29 per ounce, adding 0.2% after breaching $3,700 for the first time on Tuesday. Investors are positioning ahead of the US Federal Reserve’s widely expected rate cut, with markets anticipating a reduction of 25 basis points to the 4.00%–4.25% range. The euro hovered close to its four-year high at $1.1855, while the dollar index steadied at 96.723 after sharp declines in the previous session.
The Bank of Canada is also tipped to lower rates to counter a weakening labour market. In Asia, Hong Kong’s Hang Seng Index surged 1.4%, while Japan’s Nikkei eased slightly after a record close. Oil prices remained firm, with US crude last seen at $64.45 a barrel following recent gains, amid concerns over Ukrainian strikes on Russian refineries and ports.
Other commodities and crypto
Among other precious metals, trading remained relatively steady. Silver and platinum held to narrow ranges as investors focused on gold’s historic climb. In digital assets, Bitcoin slipped 0.2% to $116,687.18, while Ether eased 0.18% to $4,490.76.