In the wake of the US Federal Reserve’s second consecutive quarter-point interest rate reduction, gold prices in Dubai remained steady, with 24K gold experiencing a slight increase to Dh479 per gram on Thursday morning, up from Dh476 the previous day. This stability follows a week of market volatility after gold reached record highs on October 20. Globally, spot gold prices were recorded at $3952.79 per ounce, while silver stood at $47.52 at 9:30 AM UAE time. Other gold variants in Dubai, including 22K, 21K, and 18K, were priced at Dh443.50, Dh425.25, and Dh364.25 per gram, respectively. Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that the recent correction in gold prices is marginal compared to the significant rally the metal has experienced over the past year. Hansen emphasized that while the correction is notable, it remains relatively small given the extent of the rally. He suggested that the market is currently in a consolidation phase and predicted that gold prices could eventually climb higher, potentially reaching $5,000 by 2026. However, Hansen cautioned that it is too early to determine whether the correction has concluded or if further adjustments are on the horizon.