Dubai gold rates move higher as global bullion hovers near $3,340
Dollar strength adds pressure on international gold markets
DUBAI – Gold prices in Dubai edged higher on Thursday, with 24K gold at Dh402.25 per gram, compared with Dh400.00 on Wednesday and back at Dh402.25 on Tuesday.
The same pattern was reflected in other categories, with 22K at Dh372.25, 21K at Dh357.00, and 18K at Dh306.00 today.
Wednesday’s rates had softened slightly to 22K at Dh370.25, 21K at Dh355.00, and 18K at Dh304.25, before returning to Tuesday’s higher levels.
Global bullion moves
Internationally, gold was little changed on Thursday, trading at $3,339.97 per ounce in spot markets, while US gold futures for December delivery were at $3,382.40. The movement comes as investors awaited signals from the Federal Reserve’s annual Jackson Hole symposium in Wyoming, which opened today and runs until 23 August.
The US dollar index rose 0.1%, pushing gold costs higher for non-dollar buyers. Market attention is on Federal Reserve Chair Jerome Powell, set to deliver a keynote on Friday, with traders watching whether labour market support or inflation risks take precedence.
Political and economic backdrop
Minutes from the Fed’s recent meeting revealed that almost all officials supported keeping rates unchanged, with an 85% chance of a quarter-point cut in September suggested by CME’s FedWatch tool.
Meanwhile, US President Donald Trump escalated political pressure by urging Fed Governor Lisa Cook to resign over alleged mortgage issues, in a move that could deepen scrutiny of the central bank. On the geopolitical front, Russia dismissed Western-led attempts to resolve Ukraine’s security challenges without Moscow’s role as a “road to nowhere”.
Other precious metals
Elsewhere in metals, spot silver slipped 0.1% to $37.85 per ounce, platinum fell 0.4% to $1,334.58, and palladium lost 0.5% to $1,108.84.