Dubai gold prices extend slide, 24K falls to Dh476 amid global caution
Silver and platinum see mixed movement in international trade
DUBAI – Gold prices in Dubai continued their downward trend on Wednesday, marking a third consecutive day of decline, according to the Dubai Jewellery Group.
The retail price of 24K gold stood at Dh476 per gram, down from Dh479 on Tuesday and Dh490.25 on Monday.
Similarly, 22K gold was priced at Dh440.75, compared to Dh443.50 on Tuesday and Dh454 at the start of the week. 21K fell to Dh422.75, while 18K slipped to Dh362.25 per gram, extending the market’s losing streak despite global prices inching slightly higher.
Global market steady
On the international stage, gold prices steadied as traders awaited the US Federal Reserve’s policy verdict. Spot gold rose 0.2% to $3,957.42 per ounce after hitting its lowest level since October 7 on Tuesday, while US gold futures dipped 0.3% to $3,971.20.
Investors were cautious as US-China trade optimism limited safe-haven demand. Top officials from both sides recently agreed on the framework for a trade deal expected to be formalised during a meeting between US President Donald Trump and Chinese President Xi Jinping in South Korea on Thursday.
Market analysts suggested short-term corrections in gold were driven by shifting sentiment towards equities, though overall fundamentals for the metal remain strong.
Gold has surged around 52% year-to-date, touching an all-time peak of $4,381.21 on October 20, supported by economic uncertainty, central bank buying, and expectations of continued rate cuts in major economies.
Other precious metals
Elsewhere in the precious metals market, silver gained 0.7% to $47.35 per ounce, while platinum fell 0.7% to $1,574.25, and palladium slipped 0.2% to $1,391.07.