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Wed, Oct 09, 2024 | Rabī‘ ath-thānī 6, 1446 | DXB
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Dubai: Gold prices recover in early trade, gain Dh1 per gram
The precious metal plunged over 1 per cent on Tuesday evening as chances of a bigger rate cut by the US Federal Reserve waned
- Waheed Abbas
- Updated: Wed 9 Oct 2024, 9:23 AM
Gold prices recovered in Dubai in early trade on Wednesday after losing Dh4 per gram yesterday.
According to Dubai Jewellery Group data, the 24K variant of the precious metal was trading at Dh317 per gram at 9am, up Dh1 per gram from last night’s close of the markets. Among the other variants, 22K, 21K and 18K opened higher at Dh293.5, Dh284 and Dh243.5 per gram, respectively.
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Spot gold was steady at $2,620.57 per ounce at 9.10am UAE time.
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Gold plunged over 1 per cent on Tuesday evening as chances of a bigger rate cut by the US Federal Reserve waned.
In September, the US Federal Reserve began its interest rate-cutting cycle, lowering the federal funds rate by 50bps and signalled further cuts in 2025. The decision was welcomed in the context of inflation in the Mena region and a lower oil price.
The yellow metal touched an all-time high recently but began to lose steam, falling from $2,670 to $2,620 in a span of a couple of weeks. But analysts are bullish and expect yellow metal to touch $2,700 in November due to the US elections and further interest rate cuts by the Fed. They expect precious metal to reach $3,000 an ounce in the first quarter of next year.
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Waheed Abbas
Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.
waheedabbas@khaleejtimes.com 
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