Dubai gold rates slip as 24K falls to Dh406.75 today
Global bullion pressured by stronger dollar and Trump–Fed tensions
DUBAI’s retail gold prices edged lower on Wednesday compared to Tuesday, with 24K gold quoted at Dh406.75 per gram, down from Dh407.00 a day earlier.
Rates for 22K, 21K, and 18K also eased slightly to Dh376.50, Dh361.00, and Dh309.50 per gram respectively. On Tuesday, the same categories were priced at Dh376.75, Dh361.25, and Dh309.75.
Global bullion moves
Globally, gold slipped in early trade as the dollar gained ground, offsetting safe-haven demand from political uncertainty in the United States. Spot gold was down 0.5% at $3,375.06 per ounce as of 0508 GMT, after touching its highest level since 11 August on Tuesday. U.S. gold futures for December delivery also eased, trading 0.2% lower at $3,425.30.
The dollar index rose about 0.3% against its rivals, making bullion costlier for holders of other currencies. Silver dropped 0.4% to $38.42 per ounce, platinum stayed flat at $1,348.20, while palladium gained 0.5% to $1,098.96.
Political backdrop
In the US, President Donald Trump’s announcement that he was firing Federal Reserve Governor Lisa Cook on allegations linked to mortgage loans rattled financial markets. Cook, however, countered that the president had no authority to remove her and that she would not resign.
The move raised questions over central bank independence, while attention now turns to the Personal Consumption Expenditures Price Index, the Fed’s preferred inflation measure, due on Friday. Investors are also closely watching for confirmation of a possible rate cut at the Fed’s September 17 policy meeting, with markets currently pricing in an 87% chance of a quarter-point reduction.