Dubai gold rises Dh3 in a day as dollar weakens globally
Global markets eye Trump-Xi trade talks as investors turn cautious
DUBAI – Gold prices in Dubai advanced on Thursday, marking a rebound after midweek fluctuations.
According to the Dubai Jewellery Group, 24K gold was priced at Dh479 per gram, up from Dh476 on Wednesday. The 22K variant stood at Dh443.50, compared with Dh440.75 the previous day. Similarly, 21K gold was valued at Dh425.25, and 18K at Dh364.25 per gram.
The latest increase follows a brief midweek dip, with Tuesday’s rates matching Thursday’s at Dh479 for 24K and Monday’s higher reading at Dh490.25. Despite short-term volatility, bullion prices in the emirate remain near their recent highs amid a cautious global outlook and renewed geopolitical focus.
Global market moves
Globally, spot gold rose 0.2% to $3,937.88 per ounce in early Thursday trading, buoyed by a modest retreat in the dollar. US gold futures for December delivery slipped 1.2% to $3,950.70 per ounce, indicating mild profit-taking among traders.
The dollar index fell 0.2% after touching a two-week high in the previous session, making gold more affordable for buyers using other currencies. Analysts attributed the uptick to technical adjustments and market expectations ahead of key political meetings.
Trade and tariffs
Market sentiment was shaped by reports of a possible Trump-Xi meeting in South Korea, where the US president is expected to pursue a renewed trade truce with China. Investors are watching closely, as any easing of trade tensions could reduce gold’s appeal as a safe-haven asset.
The US Federal Reserve cut interest rates by 0.25 percentage points, setting the benchmark overnight rate between 3.75% and 4.00%. While the move supported bullion prices, Fed Chair Jerome Powell’s cautious remarks about future rate decisions kept investors on edge. Non-yielding assets such as gold typically benefit from lower interest rates and economic uncertainty.
Elsewhere in precious metals, silver held steady at $47.51 per ounce, platinum rose 0.3% to $1,590.21, and palladium gained 1.2% to $1,417.80.