Gold prices in Dubai showed signs of recovery on Wednesday, with 22K gold trading above Dh450 per gram, according to the latest market data. The Dubai Jewellery Group reported that 24K gold was priced at Dh491 per gram, up from Dh489.75 the previous day. Other variants, including 21K and 18K, were also trading higher at Dh436 and Dh373.75 per gram, respectively. Globally, spot gold saw a modest increase of 0.28%, reaching $4,077.38 per ounce. Dat Tong, a senior financial markets strategist at Exness, highlighted that gold could face continued pressure due to declining expectations of a Federal Reserve rate cut in December and easing trade tensions, which have reduced safe-haven demand. Tong noted that market sentiment has shifted, with only a 43% probability of a 25-basis-point rate reduction in December, down from 62% a week earlier. Investors are now focusing on upcoming US economic data, including the delayed September non-farm payrolls report, which could influence market volatility and gold’s trajectory. On the geopolitical front, US President Donald Trump’s executive order to exclude certain food products from recent tariff hikes has temporarily eased market concerns. However, rising tensions in Eastern Europe and the Middle East continue to support demand for safe-haven assets like gold.