Dubai gold rates fall to Dh450.25 for 24K after midweek high
Silver, platinum rise while palladium edges lower
DUBAI – Dubai gold prices recorded a slight decline on Thursday, according to the Dubai Jewellery Group.
The 24K rate stood at Dh450.25 per gram, compared with Dh454.25 on Wednesday. Rates for 22K dropped to Dh417.25 from Dh420.50, 21K fell to Dh399.75 from Dh403.25, and 18K eased to Dh342.75 from Dh345.75.
On Tuesday, the 24K price was Dh451.00, while Monday’s level was Dh444.75. This week’s movements reflect mild fluctuations, with prices hovering close to recent highs despite easing on Thursday.
Global market trends
In global trading, spot gold was up 0.1% at $3,739.22 per ounce as of 0557 GMT, while US gold futures for December delivery held at $3,769.60. Bullion touched a record $3,790.82 on Tuesday before consolidating.
The US dollar index slipped 0.1%, lending some support to dollar-priced bullion. Analysts pointed to expectations of further interest rate cuts from the Federal Reserve following last week’s policy move, which has underpinned the longer-term bullish outlook for gold.
Fed and data watch
Markets are closely tracking upcoming US data, particularly the Personal Consumption Expenditures price index due Friday, forecast to show a 0.3% monthly rise for August and 2.7% on an annual basis. Weekly US jobless claims, also expected later Thursday, could provide additional insight into labour market strength.
Other precious metals
Elsewhere, spot silver rose 0.1% to $43.95 per ounce, platinum gained 0.2% to $1,474.90, while palladium edged lower by 0.6% to $1,203.86.