Dubai gold holds steady at Dh495.50 as global prices dip below $4,120
Silver, platinum and palladium record steep weekly losses
DUBAI – Gold prices in Dubai remained unchanged on Saturday, with the Dubai Jewellery Group listing 24K gold at Dh495.50 per gram, the same level recorded on Friday.
Rates for 22K stood at Dh458.75, 21K at Dh440.00, and 18K at Dh377.00 per gram, showing no movement from the previous day.
The week saw mild fluctuations, with Wednesday’s 24K price at Dh492.75, up slightly from Tuesday’s Dh497.25, but still lower than Monday’s Dh523.25 and last Sunday’s Dh514.00. The stability heading into the weekend suggests local prices are tracking the recent pause in global movements.
Global gold movement
In the international market, spot gold slipped 0.2% to $4,118.29 per ounce by Friday afternoon in New York, retreating from its earlier session losses of nearly 2%. For the week, gold has dropped over 3%, marking its first weekly loss in ten weeks.
US gold futures for December delivery settled slightly lower at $4,137.8 per ounce, while spot gold remains well below Monday’s record high of $4,381.21, after investors booked profits and eased demand amid US-China trade developments.
The dip follows the release of US inflation data, showing a 3.0% annual rise in consumer prices, marginally below expectations of 3.1%. This data reinforced expectations that the Federal Reserve may cut interest rates next week, a move that typically boosts non-yielding assets like gold.
Meanwhile, global attention remains on the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping, set for next week, just before the November 1 deadline for new U.S. tariffs, which could steer the next direction for precious metals.
Other precious metals
Silver prices fell 0.6% to $48.65 per ounce, extending a 6% weekly loss, while platinum slipped 1% to $1,608.77 and palladium dropped 0.5% to $1,450.05. Analysts noted that if gold dips below the $4,000 threshold, further market corrections could occur, with $3,850 cited as the next major support level.