Dubai gold prices plunge over Dh26 as global bullion dips
Silver steady, platinum and palladium see mixed movement globally
DUBAI – Gold prices in Dubai continued their downward slide on Wednesday, marking a sharp retreat of more than Dh26 per gram for 24K gold compared with the previous day, as global markets corrected from record highs.
According to Dubai Jewellery Group, the retail price for 24K gold stood at Dh497.25 per gram, down from Dh523.25 on Tuesday and Dh514.00 on Monday.
Rates for other categories also mirrored the decline. 22K gold fell to Dh460.50 from Dh484.50 on Tuesday, while 21K dropped to Dh441.50 from Dh464.75. 18K gold, popular among daily wear buyers, slipped to Dh378.25 from Dh398.25 a day earlier.
Global bullion movement
Globally, spot gold was trading 0.4% lower at $4,109.19 per ounce as of early Wednesday, following a steep 5% fall on Tuesday – its sharpest single-day drop since August 2020. US gold futures for December delivery edged up 0.4% to $4,124.10 per ounce. The correction follows profit-taking after bullion hit a record peak of $4,381.21 on Monday, driven by months of geopolitical and economic uncertainty and strong central bank purchases.
Market sentiment shifted after renewed optimism over US-China trade relations. US President Donald Trump indicated progress towards a fair trade agreement with Chinese President Xi Jinping ahead of their meeting in South Korea next week, easing investor anxiety that had previously fuelled gold’s record surge.
Market outlook
Attention now turns to the US inflation data, due Friday, which is expected to offer clues on the Federal Reserve’s interest rate-cut path. Economists anticipate the Fed could trim its key interest rate by 25 basis points next week and again in December. Meanwhile, ongoing US-India trade talks are likely to reduce tariffs on Indian imports from 50% to around 15-16%, adding to the easing global trade picture.
Among other precious metals, silver edged up 0.1% to $48.82 per ounce, platinum slipped 1.5% to $1,528.15, while palladium gained 0.7% to $1,418.09.