Gold prices in Dubai soared to a near one-week high on Tuesday, reaching just under Dh500 per gram. At 9am UAE time, 24K gold was trading at Dh499 per gram, marking a significant increase of nearly Dh12 over the past 24 hours. Other variants of the precious metal also saw notable gains, with 22K, 21K, and 18K selling at Dh462, Dh443, and Dh379.75 per gram, respectively. Spot gold prices globally were recorded at $4,146.5 per ounce, reflecting a 1.25 per cent rise, driven by growing expectations of a rate cut by the US Federal Reserve. Market analysts attribute this surge to mixed signals from the Fed, with traders cautiously optimistic about a potential policy easing in December. Aaron Hill, chief market analyst at FP Markets, highlighted that the odds of a rate cut have increased to about 60 per cent, following robust US payroll data and dovish remarks from New York Fed President John Williams. Vijay Valecha, chief investment officer at Century Financial, noted that geopolitical developments in the Middle East and optimism surrounding the Russia-Ukraine conflict have also supported gold prices. Despite a stronger dollar and improved risk appetite in Asian equities, gold remains a favored asset amid ongoing economic uncertainties.
Dubai: Gold prices jump nearly Dh12 in 24 hours to reach just shy of Dh500 per gram
