Gold prices in Dubai experienced a significant uptick on Tuesday, with 24K gold inching closer to the Dh500 per gram mark. According to data from the Dubai Jewellery Group, 24K gold was trading at Dh499.25 per gram at market opening, reflecting a Dh13.5 increase over the past 24 hours. Similarly, 22K, 21K, and 18K gold were priced at Dh462.75, Dh443.25, and Dh379.75 per gram, respectively. This surge follows a period of easing after a strong rally in global precious metals, driven by softer economic data that has reinforced expectations of interest rate cuts by the US Federal Reserve. Spot gold also saw a rise, trading at $4,138.23 per ounce, up 0.59%, with a notable 3% jump late on Monday. Dilin Wu, a research strategist at Pepperstone, highlighted that central bank purchases, particularly by the People’s Bank of China (PBoC), have provided steady support for gold. However, shifting market expectations around a potential December Fed rate cut are limiting further gains. Wu noted that gold has been trading in a range-bound pattern, with bulls maintaining a modest edge. He added that a sustained push above $4,100 could open the door to further gains, while a drop below $4,000 might see support at $3,880–$3,900. Safe haven buying has been a key driver of recent gold support, as concerns over valuations have led to significant pullbacks in global tech stocks and AI-related equities. This has prompted a shift into defensive assets like gold. Additionally, central bank purchases, including those by the PBoC, Poland, Turkey, and other emerging markets, have provided structural support, complementing safe-haven flows and bolstering gold’s position.