Dubai gold hits Dh487.25; silver at $49.95 in global trade
Investors eye US rate decisions amid precious metals shift
DUBAI – Today’s Dubai gold rates opened with 24K priced at Dh487.25 per gram, according to Dubai Jewellery Group.
The 22K rate stood at Dh451.25, while 21K was Dh432.50, and 18K priced at Dh370.75 per gram. These rates reflect suggested retail prices across Dubai’s jewellery market.
Gold prices globally showed further weakness at the start of the week. Spot gold dropped 0.4% to $4,045.58 per ounce, while US gold futures for December delivery slipped 0.9% to $4,042.50 per ounce. The decline came as the dollar index held close to six-month highs, making gold more expensive for non-US currency holders.
Market trends
The probability of a US Federal Reserve rate cut next month decreased to 69% after touching 74% in the previous session. Earlier optimism followed dovish comments, but subsequent cautious remarks from other Fed presidents influenced investor expectations. Gold, often preferred in lower interest rate environments, faces pressure amid a more hawkish rate outlook.
Market analysts indicated a flat to slightly negative trend for gold in the coming weeks due to the absence of fresh geopolitical drivers.
The stronger dollar, firmer rate expectations, and broader global economic developments continue to influence bullion markets. The US and Ukraine were set to continue discussions on conflict resolution proposals, while investors also tracked tariff developments and commodity trends.
Other precious metals
In other precious metals, spot silver stood at $49.95 per ounce, dipping slightly by 0.1%. Platinum gained 1.5% to reach $1,533.85, while palladium rose 1.3% to $1,391.26.