Dubai: Gold Prices Ease, Drop Dh3 From Their Peak So Far This Week

Gold prices continue to ease slowly and steadily in Dubai as 22K hit Dh405 per gram on Thursday, losing Dh3 per gram from its peak witnessed earlier this week.

At the same time, weaker US jobs data and expectations around upcoming interest rate decisions continue to support gold prices.

The Dubai Jewellery Group data showed 24K trading at Dh437.5 per gram, 22K at Dh405.0, 21K at Dh388.5, and 18K at Dh333.0 per gram.

Spot gold was trading at $3,628.97 per ounce, down 0.38 per cent.

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Similarly, on Wednesday, gold prices eased due to expectations of the US Federal Reserve easing and renewed geopolitical strains, which underpinned safe-haven demand. The metal also remains supported by last week's weak payrolls data and Tuesday's benchmark revision showing US job growth was markedly slower than previously estimated.

“Markets are now fully pricing in a 25-basis-point rate cut at next week's Fed meeting, with a small probability of a 50-basis-point move. The string of disappointing labour market indicators has strengthened bets on multiple cuts through year-end, increasing the appeal of non-yielding assets. Investors will turn to inflation data later this week for confirmation of the dovish outlook,” said Daniel Takieddine co-founder and CEO, Sky Links Capital Group.

Takieddine further explained that geopolitical risks recently added momentum to the gold market. Increased tensions in the Middle East are threatening ongoing ceasefire negotiations, while incursions in Polish airspace have raised fears of broader escalation.

On the trade front, uncertainty persists after US President Trump urged the European Union to impose tariffs up to 100 per cent on China and India as part of efforts to pressure Russia over the war in Ukraine. This heightened policy unpredictability has reinforced gold's demand, Takieddine said.

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