[Editor’s Note: Curious about the gold rates in Dubai? Click here]
On Tuesday morning, gold prices in Dubai decreased by Dh3.5 per gram after reaching a six-week peak on Monday.
According to data from the Dubai Jewellery Group, 24K gold in the Emirates is now trading at Dh508.25 per gram, down from Dh511.75 per gram at Monday’s market close.
For other gold types, prices for 22K, 21K, and 18K gold fell to Dh470.75, Dh451.25, and Dh386.75 per gram, respectively. The newly launched 14K gold dropped Dh2 to Dh301.75 per gram on Tuesday.
Stay informed with the latest updates. Follow KT on Whatsapp Channels
Today, the UAE is celebrating its 54th National Day, also known as Eid Al Etihad. On the global stage, spot gold was trading at $4,225.35 per ounce, a decrease of 0.38%.
Rania Gule, a senior market analyst for Mena at xs.com, stated that the gold price of $4,250 indicates a strategic shift by investors anticipating a more adaptable monetary policy in the coming weeks.
She observed that the widespread weakness of the US dollar is providing significant support for this rally, acting as both a technical and fundamental factor that explains gold’s stability above critical levels.
“Currently, markets are 87% confident that the Federal Reserve will reduce interest rates by 25 basis points at the December meeting. These expectations are not surprising but rather align with the consistency between economic indicators and policy direction. Recent data shows a clear slowdown, inflation is decreasing, and political tensions within the US government make it challenging to maintain a strictly hawkish approach,” Gule added.
“Thus, the current dollar weakness is not temporary; it indicates a deeper shift in policy expectations,” she concluded.
