Dubai gold drops today with 24K down by Dh1.25
Global bullion eases as dollar strengthens ahead of Fed speech
DUBAI – Gold prices in Dubai eased on Friday, with 24K trading at Dh401 per gram, compared to Dh402.25 on Thursday.
Rates for 22K stood at Dh371.25, down from Dh372.25, while 21K fell to Dh356 and 18K to Dh305.25.
Over the week, Dubai’s gold showed mixed movement. On Wednesday, 24K was at Dh400, before rising to Dh402.25 on Tuesday, matching Thursday’s level. The 22K, 21K and 18K categories mirrored the shifts, with Tuesday and Thursday closing at the same marks before softening today.
Global bullion moves
Globally, gold prices edged lower as the dollar firmed. Spot gold dropped 0.3% to $3,329.19 per ounce by 0607 GMT, while US gold futures for December delivery shed 0.3% to $3,372.10. The US dollar index hovered close to a two-week high, limiting demand for the precious metal among overseas buyers.
Investors are waiting for US Federal Reserve Chair Jerome Powell’s speech at Jackson Hole later on Friday, which could reveal the direction of monetary policy. Market indicators point to a 75% probability of a quarter-point rate cut next month, though Fed officials on Thursday offered little support for immediate easing.
Wider pressures
The global backdrop remains tense. US jobless claims last week rose at the fastest pace in nearly three months, with unemployment filings the week before hitting a four-year high. Inflation risks persist, exacerbated by tariff measures under US President Donald Trump.
Geopolitics also weighs on sentiment, with sources indicating Russia is pressing Ukraine to concede the entire Donbas region, abandon NATO ambitions, and block Western troop presence as part of potential peace terms.
Other precious metals saw mixed movement: spot silver slipped 0.4% to $38.01 per ounce, platinum lost 0.6% to $1,345.06, while palladium gained 0.2% to $1,113.19.