Dubai gold rises to Dh408.50 per gram as global prices ease
Global bullion slips after touching highest level since August 11
DUBAI gold prices edged slightly higher on Thursday, maintaining momentum after two consecutive sessions of stability.
The 24K rate stood at Dh408.50 per gram, compared to Dh406.75 on Wednesday and Dh407.00 on Tuesday.
Meanwhile, 22K gold was priced at Dh378.25, up from Dh376.50 on Wednesday and Dh376.75 on Tuesday. The 21K rate climbed to Dh362.50 from Dh361.00 a day earlier, while 18K rose to Dh310.75 versus Dh309.50 on Wednesday and Dh309.75 on Tuesday.
Global bullion trends
On the international stage, gold prices dipped slightly as investors booked profits following recent gains. Spot gold fell 0.2% to $3,389.73 per ounce at 0538 GMT, after briefly hitting its strongest level since 11 August. US gold futures for December delivery slipped 0.1% to $3,445.20.
Silver was trading 0.3% higher at $38.71 per ounce. Platinum edged down 0.2% to $1,344.60, while palladium gained 0.1% to $1,093.01.
US economic outlook
Traders are closely eyeing the release of the US Personal Consumption Expenditures (PCE) Price Index due on Friday, expected to show a 2.6% annual rise for July. The data will provide further clarity on inflationary pressures and the Federal Reserve’s stance on interest rates.
Markets currently price in an 88% probability of a 25-basis-point cut at the Fed’s September policy meeting, according to the CME FedWatch Tool. New York Fed Bank President John Williams has also signalled that interest rates may decline, though upcoming data will be decisive.