Gold prices eased in Dubai on Wednesday morning after nearing Dh500 per gram on Tuesday.

At the opening of the markets, 24K was trading at Dh495.5 per gram, while 22K, 21K, and 18K were selling at Dh458.75, Dh440, and Dh377 per gram, respectively. Spot gold was trading at $4,105.24 per ounce, down 0.12 per cent.

Gold surged hit a three-week high earlier this week, as optimism grew that US lawmakers were close to resolving the government shutdown. The Senate approved a deal to end the impasse.

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“On the fundamental side, the outlook for gold remains constructive. The reopening of the government would allow the US Federal Reserve to regain access to key economic data, which could shape its December policy decision,” said Vijay Valecha, chief investment officer, Century Financial.

Alex Kuptsikevich, chief market analyst at FxPro, said the US Supreme Court, with its scepticism about the legality of tariffs, has allowed the shiny metal to find its footing.

“Steps to end the shutdown triggered the rebound from the recent low, and the US government shutdown made the Fed cautious. The central bank doubted the need to cut the federal funds rate at the end of the year. The resumption of US macroeconomic data publication will provide it with the necessary information and enable it to act,” he said.

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