Dubai Gold Steadies at Dh485.75 as Traders Await Key Policy Signals
<p>Dubai’s retail gold market opened on a stable note on Tuesday, offering a brief pause after several days of volatility. The 24-karat price stood at <strong>Dh485.75 per gram</strong>, while 22K was priced at <strong>Dh449.75</strong>, marking the second consecutive day without any movement. For investors and shoppers, this stability comes as a welcome breather in an otherwise turbulent month influenced by global interest-rate expectations and shifting bullion sentiment.</p><h3><strong>Dubai Gold Prices Ease After Mid-Month Surge</strong></h3><p>The beginning of the month saw 24K gold trading around the <strong>Dh482</strong> level. However, a strong upward push in global markets sent prices soaring during the second week. On <strong>November 12</strong>, Dubai witnessed the highest levels of the month:</p><p><strong>24K at Dh504.75</strong></p><p><strong>22K at Dh467.00</strong></p><p>This sharp jump reflected improved global sentiment and investor optimism. But the rally did not last long. Starting November 13, international gold markets softened, causing Dubai prices to gradually retreat. By this week, prices had fallen back to early-November ranges.</p><p>The cooling trend closely aligned with global shifts, particularly the reassessment of the US Federal Reserve’s policy direction.</p><h3><strong>Expectations for a December Rate Cut Fade</strong></h3><p>Internationally, gold continued to face downward pressure. Spot gold hovered around <strong>$4,034 per ounce</strong> after three straight sessions of declines. Traders who once anticipated a <strong>US interest-rate cut in December</strong> are now rethinking their positions. Market probability indicators—such as interest-rate swaps—show expectations dropping below 50%.</p><p>Federal Reserve officials have also struck a more cautious tone, reminding markets that more economic data is needed before any additional policy easing.</p><p>However, Fed Governor <strong>Christopher Waller</strong> offered a contrasting viewpoint. He suggested that a December cut should not be dismissed entirely, adding a rare note of optimism during a week dominated by warnings of a delayed policy shift. His comments helped gold resist a deeper slide but were not enough to fully revive bullish momentum.</p><h3><strong>Investors Eye US Labour Data for Next Moves</strong></h3><p>Markets are now focused on the <strong>upcoming US labour report</strong>, set for release on Thursday. The report is delayed due to the six-week US government shutdown, meaning its data may be less forward-looking than usual. Even so, investors expect it to give some clarity on the post-shutdown economic landscape.</p><p>The results of this report could heavily influence short-term gold movements, especially if the labour market appears weak or cooling.</p><h3><strong>Global Gold Rally Still Alive Despite Pullback</strong></h3><p>Despite the recent weakness, gold remains one of the top-performing assets of 2025. It has gained more than <strong>50% so far</strong>, positioning the year as its strongest since 1979. The rally has been powered by:</p><p>Concerns over fiscal imbalances in major economies</p><p>Strong central-bank demand</p><p>Investor appetite for safe-haven assets</p><p>Goldman Sachs estimates that <strong>central banks bought 64 tons of gold in September</strong>, triple the amount purchased in August. China alone is believed to have acquired around <strong>15 tons</strong>, significantly more than the 1.24 tons officially reported. This quiet accumulation highlights China’s ongoing efforts to diversify reserves and strengthen economic resilience.</p><h3><strong>Policy Uncertainty Adds to Global Market Tension</strong></h3><p>Traders are also monitoring political developments in the United States, particularly the legal situation surrounding Federal Reserve Governor <strong>Lisa Cook</strong>. Her dispute with the Trump administration, along with an upcoming Supreme Court hearing in January, has added another layer of unpredictability at a time when the Fed is attempting to present a stable outlook.</p><p>Such policy-related uncertainty often supports gold demand, but in the current environment, market reactions remain cautious.</p><h3><strong>Dubai Market Settles—for Now</strong></h3><p>For the moment, Dubai’s gold market appears to be stabilising. Prices have pulled back from their mid-month highs and settled into familiar territory. Retail activity is expected to increase slightly as shoppers take advantage of lower rates, especially those waiting for prices to fall below the Dh500 mark earlier in the month.</p><p>Moving forward, the next major catalyst will be Thursday’s US labour data and how it affects expectations for the December interest-rate decision. If rate-cut hopes revive, Dubai gold prices may climb again. If not, the steady trend may continue into next week.</p>