Dubai gold holds at Dh491 amid market shifts
Precious metals show mixed movement midweek
DUBAI – Dubai gold prices remained firm on Thursday, with 24K gold holding at Dh491 per gram, unchanged from Wednesday.
According to Dubai Jewellery Group, other key categories also stayed steady, with 22K at Dh454.25, 21K at Dh436, and 18K at Dh373.75.
Prices have remained stable over the last two days, keeping buyers and investors watching the global cues closely. On Tuesday, 24K was lower at Dh483.50, while 22K stood at Dh447.50, 21K at Dh429.25, and 18K at Dh368.00. The week started higher on Monday, with 24K at Dh491.50, 22K at Dh455.00, 21K at Dh436.25, and 18K at Dh374.00.
Global gold market
On the global front, spot gold was trading at $4,073.79 per ounce, up 0.2% after trimming earlier gains that surpassed 1 percent. US gold futures for December settled at $4,082.80. The movements followed the release of minutes from the latest Federal Reserve meeting, showing policymakers cut rates last month but remained cautious about inflation. Traders currently see only a 30% chance of a rate cut in December, heightening focus on upcoming employment data due Thursday.
US President Donald Trump intensified his criticism of the Federal Reserve, suggesting that borrowing costs should be reduced more quickly. Gold typically performs strongly in periods of economic uncertainty and lower interest rates. The delayed September job report, caused by the government shutdown, is now expected to shape policy expectations. Current data indicates unemployment claims reaching a two-month high in mid-October.
Other precious metals
In the precious metals segment, spot silver gained 0.7% to trade at $51.05 per ounce. Platinum added 0.7% to reach $1,543.12. Palladium slipped 1.6% to $1,378, reflecting a divided performance in the metals market.