Dubai gold jumps by Dh11.75 as global prices hit $4,140
Precious metals advance as markets eye possible interest rate cuts
DUBAI – Dubai’s retail gold prices recorded a notable increase on Tuesday, according to Dubai Jewellery Group, with all categories posting gains against Monday’s levels.
The 24K variant rose to Dh499.00 per gram, up from Dh487.25. The 22K rate increased to Dh462.00 from Dh451.25, while 21K advanced to Dh443.00 compared with Dh432.50. The 18K category climbed to Dh379.75 per gram after trading at Dh370.75 earlier.
Global gold momentum
Globally, spot gold edged higher to $4,140.85 per ounce, its strongest level since 14 November, following a 1.8% rise on Monday. US gold futures for December delivery were trading at $4,141.20 per ounce. The advance comes as dovish remarks from US Federal Reserve policymakers strengthened expectations of a rate cut in December, with probabilities reaching 81% – up from 40% last week. Lower interest rate forecasts have historically supported non-yielding assets such as gold.
In the currency markets, the dollar maintained strength near six-month highs, moderating some of gold’s upward trajectory. However, optimism surrounding a potential shift in monetary policy, including interest rate reductions, continued to buoy investor sentiment.
Other precious metals
Other precious metals also moved higher. Spot silver rose 0.2% to $51.49 per ounce, platinum gained 1% to $1,559.61, and palladium improved 0.3% to $1,399.25. Market attention is now centred on upcoming US economic data including retail sales, jobless claims and producer price figures, which were delayed by the recent government shutdown. These releases are expected to further shape interest rate expectations.