Gold prices in Dubai climbed on Wednesday, with 24-carat hitting Dh507.50 per gram (up from Dh503.75 the prior day) and 22-carat reaching Dh470. This rebound came as global bullion markets rallied, driven by renewed bets that the Federal Reserve (the Fed) will cut US interest rates this month, a move that tends to weaken the dollar and make non-yielding assets like gold more attractive.
Locally, demand was boosted by the festive and wedding season, amplifying even modest global price swings. Over November, Dubai’s 24k gold moved within a tight band, from around Dh475.25 per gram to peaks above Dh500, before stabilizing and now climbing again. The recent uptick suggests traders see the current Dh507.50 level as a robust point in a broader consolidation phase, rather than a short-term spike.
