Dubai gold at record highs with 24K reaching Dh523.25 per gram
Global gold slips slightly after touching record $4,381 per ounce
DUBAI – Gold prices in Dubai touched record highs on Tuesday, with 24-karat retailing at Dh523.25 per gram, up from Dh514.00 on Monday, according to the Dubai Jewellery Group.
Similarly, 22K gold rose to Dh484.50 from Dh476.00, 21K to Dh464.75 from Dh456.50, and 18K to Dh398.25 from Dh391.25 the previous day.
The fresh record came as global bullion prices steadied after a powerful rally that drove spot gold to an all-time high on Monday, supported by safe-haven demand and expectations of US interest rate cuts.
Global bullion retreat
In global markets, spot gold eased 0.3% to $4,340.99 per ounce by 0456 GMT, after peaking at a record $4,381.21 on Monday. US gold futures hovered at $4,357.80 per ounce, showing resilience despite profit-taking. Investors remain focused on upcoming US inflation data and the Federal Reserve’s next policy steps, with markets fully pricing in a quarter-point rate cut this month and another in December.
The delayed US CPI report, expected Friday, is forecast to show a 3.1% annual rise, data seen as pivotal for sustaining gold’s record-breaking momentum.
Global trade discussions between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in Malaysia this week could also influence tariff decisions and indirectly affect bullion trends.
Other precious metals
Among other metals, silver slipped 1.2% to $51.83 per ounce, platinum lost 0.7% to $1,627.53, and palladium edged up 0.1% to $1,497.62.