Dubai gold slips for second day, global spot at $3,321.83
Trump, Zelenskiy talks reshape geopolitical outlook on gold
DUBAI – Gold prices in Dubai eased on Wednesday, with 24K trading at Dh400.00 per gram, compared with Dh402.25 on Tuesday.
Similarly, 22K slipped to Dh370.25 from Dh372.25, 21K stood at Dh355.00 against Dh357.00, while 18K retreated to Dh304.25 from Dh306.00.
Globally, spot gold edged 0.2% higher to $3,321.83 per ounce as of 0601 GMT, after hitting its lowest since 1 August. US gold futures for December delivery were up 0.2% at $3,364.30. Gains were capped by a stronger dollar, which rose to a more than one-week high, making bullion more expensive for holders of other currencies.
Markets are now eyeing the Federal Reserve’s Jackson Hole symposium this week, where Chair Jerome Powell is due to speak on Friday. Minutes of the Fed’s July meeting, expected later in the day, are also in focus for signals on policy direction. Analysts noted that anticipated US interest rate cuts from September could support bullion prices in the months ahead.
Where geopolitics fits in
Beyond monetary policy, geopolitical developments continue to shape sentiment. US President Donald Trump ruled out sending ground troops to Ukraine but hinted at potential air support as part of a wider deal to end the war. Ukrainian President Volodymyr Zelenskiy called the Washington talks a “major step forward” towards peace and outlined plans for a trilateral meeting with Russian President Vladimir Putin and Trump.
Other precious metals
Among other precious metals, spot silver slipped 0.5% to $37.20 per ounce, platinum gained 0.6% to $1,314.25, while palladium fell 0.6% to $1,108.25.