Dubai: Gold prices in the UAE recorded slight gains on Friday, October 31, supported by a stronger global outlook, firm central-bank demand, and the latest interest rate cut by the US Federal Reserve.
According to the Dubai Gold and Jewellery Group, 24-carat gold was priced at Dirham 482.75 per gram, up from Dh 479 on Thursday. Rates for 22-carat, 21-carat, and 18-carat gold stood at Dh 447, Dh 428.50, and Dh 367.50 per gram, respectively.
During the day, both morning and afternoon rates remained steady at Dh 482.75 for 24-carat before inching higher in the evening. Similar movements were seen across other purities, with stable rates earlier in the day followed by a modest rise by close of trade.
In global market, spot gold prices were down 0.4 percent at USD 4,009.24 per ounce at 11:47 GMT, though the metal has gained nearly 4 percent so far this month. Silver also edged up to USD 49.12 per ounce.
On Wednesday, October 29, the US Federal Reserve cut interest rates by 25 basis points for the second time this year, taking the benchmark overnight rate to a target range of 3.75 percent–4.00 percent. The move bolstered expectations of a supportive monetary environment for gold and other non-yielding assets.
Safe-haven demand softened after renewed optimism over US–China trade talks. On Thursday, October 30, President Donald Trump said he agreed to trim tariffs on China in return for Beijing curbing fentanyl exports, resuming soybean purchases, and ensuring rare earth supplies.
According to Khaleej Times, Joseph Dahrieh, Managing Principal at Tickmill, said gold’s outlook remains positive despite recent corrections, supported by strong central-bank purchases totalling 634 tonnes so far this year, as countries diversify reserves away from the dollar.
In India, 24-carat gold was priced around Rs 1,21,470 per 10 grams, while 22-carat stood at Rs 1,11,340 per 10 grams, with slight variations across cities.
