Dubai gold rates rise as global prices near record $3,759
Silver retreats while platinum and palladium edge lower
DUBAI – Gold prices in Dubai advanced on Tuesday, with all categories showing gains compared with Monday.
According to Dubai Jewellery Group, 24-carat gold rose to Dh451.00 per gram from Dh444.75, marking a Dh6.25 increase.
The 22-carat rate reached Dh417.75, up from Dh412.00. Meanwhile, 21-carat gold rose to Dh400.50 from Dh394.75, and 18-carat climbed to Dh343.25, compared with Dh338.50 a day earlier.
Global price trends
Globally, spot gold steadied at $3,744.68 per ounce as of 0412 GMT after briefly touching a record $3,759.02 earlier in the session. US gold futures for December delivery edged higher by 0.1% to $3,779.40. The US dollar index continued to decline, enhancing demand for gold by making it cheaper for overseas buyers.
Markets are closely awaiting remarks from Federal Reserve Chair Jerome Powell, due later in the day, for further guidance on monetary policy. Investors are also looking ahead to the US Personal Consumption Expenditures index, expected on Friday, which remains the Fed’s preferred inflation gauge.
Fed and outlook
New Federal Reserve Governor Stephen Miran warned that overly restrictive policy could harm the labour market without deeper rate cuts, though his view was challenged by other officials emphasising caution against persistent inflation. The CME FedWatch tool indicates a 90% probability of a 25-basis-point cut in October and a 75% chance of another in December.
Other precious metals
Elsewhere in the precious metals market, silver slipped 0.5% to $43.84 per ounce but stayed close to a 14-year high. Platinum fell 0.2% to $1,413.80, while palladium dropped 0.5% to $1,173.18, reflecting broader movements tied to currency trends and inflation expectations.