Dubai gold gains Dh1 overnight, hits Dh400.50 for 24K
Global gold ticks up on weaker dollar and falling yields
DUBAI’s gold prices rose modestly on Wednesday, reversing part of the recent dip.
At 9:00am, 24K gold was priced at Dh400.50 per gram, up Dh1.00 from Tuesday’s rate of Dh399.50. However, prices remain lower than Monday’s Dh402.50, indicating overall price softness over the week so far.
Other categories also saw slight upticks, with 22K gold at Dh371.00, 21K at Dh355.75, and 18K at Dh305.00 per gram. These mark minor gains since Tuesday but are still below the levels seen late last week.
Global market pulse
International gold prices edged up on Wednesday, buoyed by a dip in Treasury yields and a slight easing in the US dollar. Spot gold rose 0.1% to $3,328.65 per ounce as of 0422 GMT, while US gold futures climbed to $3,326.10, also up 0.1%.
Market watchers are closely eyeing the US Federal Reserve’s policy announcement later today. While no immediate rate changes are expected, any dovish tone could strengthen bullion’s appeal. Analysts suggest that if gold breaks above $3,350 by week’s end, it could trigger renewed short-term buying momentum.
Tariffs and trade
Economic factors outside the United States also contributed to cautious optimism. US and Chinese officials agreed to extend their tariff truce talks beyond the August 12 deadline, following discussions in Stockholm. However, any final resolution rests with President Donald Trump.
Meanwhile, the International Monetary Fund marginally lifted global growth forecasts for 2025 and 2026, citing sustained consumer demand ahead of incoming US tariffs and a notable drop in the effective tariff rate to 17.3 percent.
Other precious metals
Elsewhere, spot silver remained steady at $38.21 per ounce, platinum declined 0.6% to $1,386.73, and palladium rose 0.5% to $1,265.07, supported by steady industrial demand.