Dubai Gold Prices Steady As Markets Await US Inflation Data
According to Dubai Jewellery Group data, the 24K gold price opened at Dh502.0 per gram at the market open on Wednesday in Dubai, while 22K, 21K and 18K were trading at Dh465.0, Dh445.75, and Dh382.0 per gram, respectively.
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Spot gold was up 0.28 per cent at $4,165 an ounce ahead of the US inflation data. Silver was steady at $217.6 an ounce.
Gold and silver sit at the centre of that tension. Both are testing the lower end of their 2026 ranges, yet rebounds from around $3,930 in gold. That has kept the longer-term bullish structure intact for the moment, according to Forex.
“A decisive break beneath those lows would change the picture materially, however, weakening the technical case and opening the door to significantly deeper losses,” it said.
“Markets are currently caught between softer inflation signals from crude and increasingly restrictive financial conditions from US Treasury yields,” said Razan Hilal, market analyst at Forex.
“If yields begin to reverse while oil remains below its September highs, some of the pressure on gold, silver and broader risk assets could begin to unwind,” she added.
"What we're looking at here is not a big move, it's within a range. But the fact that we are able to hold a range while oil is rallying suggests that gold is trying to find a reason to rally," Ilya Spivak, head of global macro at Tastylive, told Reuters.
If upcoming consumer price index data, producer price index data and retail sales data point to weaker economic momentum, markets may scale back expectations for further Fed rate hikes this year, providing a bullish catalyst for gold, Spivak added.
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