Dubai gold sees Dh491 peak as global prices touch $4,074
Silver touches $50.90 while platinum and palladium show mixed movement
DUBAI – Dubai’s gold prices rose on Wednesday, showing strong midweek momentum across all purity levels.
Retail rates, as released by the Dubai Jewellery Group, reflect a sharp uptick from Tuesday and a recovery from Monday’s slight dip.
Global gold remained higher, supported by market anticipation surrounding the Federal Reserve’s policy outlook and key economic data releases.
Dubai gold prices
On Wednesday, 24K gold was priced at Dh491.00 per gram, up from Dh483.50 on Tuesday and slightly lower than Monday’s Dh491.50.
The 22K rate stood at Dh454.25, compared to Dh447.50 on Tuesday and Dh455.00 on Monday.
Meanwhile, 21K gold was Dh436.00, rising from Dh429.25 on Tuesday, and nearly matching Monday’s Dh436.25. The 18K category reached Dh373.75, up from Dh368.00 on Tuesday, and just below Monday’s Dh374.00.
Global gold trend
Globally, spot gold edged up 0.2% to $4,074 per ounce, while US gold futures also held at $4,074.40 per ounce. The movement comes ahead of the Federal Reserve’s meeting minutes and the delayed US non-farm payrolls report, expected to show an addition of 50,000 jobs. Traders currently estimate nearly a 49% chance of another rate cut at the Fed’s December meeting. A stronger dollar, up 0.1%, has capped further gains for bullion.
Other precious metals
Other precious metals showcased mixed performance, with silver up 0.4% to $50.90 per ounce. Platinum dipped 0.2% to $1,533.82, while palladium climbed 0.6% to $1,409.19.
Broader global markets remained subdued, with major equity indices under pressure amid concerns about AI stock valuations and economic uncertainties.