24K gold falls to Dh489.25 as UAE prices remain well below June’s peak.
Dubai: Gold prices in Dubai slipped again on Thursday morning, offering jewellery buyers some relief after a volatile month in which local rates had fallen nearly Dh50 from their June peak.
At 9:30 am, 24-karat gold was priced at Dh489.25 per gram, down from Dh489.75 on Wednesday. The 22-karat variant slipped to Dh453 from Dh453.50.
The decline was modest, but it keeps Dubai gold prices near the lower end of the month’s range and well below the levels seen at the start of June.
Prices still below June highs
Dubai gold rates began June at elevated levels, with 24-karat gold at Dh536 on June 3, rising to Dh538.50 the following day. Prices then trended lower over the month, though the decline was not linear.
The 24-karat variety remained above Dh520 for several days in early and mid-June, including Dh522.50 on June 5, Dh521.75 on June 7, and Dh522.25 on June 16. The 22-karat variety also hovered around Dh483 during those sessions.
Rates started easing more noticeably in the second half of the month. The 24-karat price dropped from Dh509.25 on June 18 to Dh500 on June 19 and Dh498.75 on June 23, while 22-karat gold moved from Dh471.50 to Dh463 and then Dh461.75 over the same period.
By late June, prices had fallen below Dh490 for several sessions. The 24-karat variety stood at Dh486.50 on June 24, Dh486 on June 25, Dh485.75 on June 29, and Dh485.25 on June 30. Prices then edged up to Dh489.75 on July 1 before slipping again on Thursday.
Global gold rebounds
The local decline came even as global gold prices extended gains after comments from US Federal Reserve Chair Kevin Warsh eased concerns that the central bank may raise interest rates again this year.
Bullion rose as much as 0.9% to around $4,066 an ounce after closing 0.6% higher in the previous session, following two days of declines.
Warsh’s remarks at a European Central Bank forum in Portugal were seen as less hawkish than expected, easing concerns about the Fed’s policy path after the Iran war had lifted energy prices and inflation expectations. Higher interest rates typically weigh on gold, as the metal does not yield interest.
Warsh also reiterated that the Federal Reserve remains committed to price stability and returning inflation to its 2% target.
Buyers watching for direction
The next key signal for gold markets is expected from US jobs data due Thursday, which could offer clearer guidance on the Federal Reserve’s policy path.
Recent US economic indicators have been mixed. Manufacturing activity expanded for a sixth consecutive month in June, though at a slower pace, while private-sector hiring remained strong, marking its best three-month stretch in over a year.
