Dubai: Gold Prices Steady Ahead Of US Fed Meeting On Interest Rate Cuts

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Gold prices were steady in Dubai on Wednesday morning, with 24K trading above Dh505 per gram ahead of the US Federal Reserve's decision on the interest rate cuts.

At the opening of markets on Wednesday in Dubai, 24K gold price slightly rose to Dh506.75 per gram, while 22K, 21K,18K, and 14K were selling at Dh469.25, Dh450, Dh385.75, and Dh300.75 per gram, respectively.

Spot gold was steady at $4,207.93 per ounce.

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Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, said gold was near levels seen during the last few days, as investors remain cautious ahead of the Federal Reserve meeting, a potential catalyst for bullion's next directional move.

“While a 25-basis-point rate cut is widely expected, market focus is also on the updated economic projections and Chair Jerome Powell's tone. A hawkish shift in the 2026 policy path could weigh on gold, whereas dovish guidance or softer language would likely reinforce the metal's upside. Traders now assign an 89 per cent probability to a Fed cut, though expectations for next year are less certain,” he said.

At the same time, the metal remains underpinned by a dense geopolitical backdrop.

“Tensions in the Middle East and in Eastern Europe, as well as rising friction between China and Japan, continue to support gold's demand. Structural demand also remains solid, with the People's Bank of China increasing its gold reserves for the 13th consecutive month,” added Takieddine.

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