Gold steadies in UAE after early November volatility

Dubai: Gold prices in the UAE ended the week unchanged, with 24-karat at Dh480 a gram and 22-karat at Dh444.50 on Friday. The market has barely moved over the past two sessions, reflecting a period of consolidation after early November swings.

At the start of the month, 24-karat gold was trading around Dh482.25, while 22-karat was at Dh446.50. Prices briefly firmed on November 3, touching Dh483.75 and Dh448.00, before easing sharply on November 4 when global bullion retreated from record highs. That correction pushed UAE rates down to Dh475.25 and Dh440.00. Since then, the market has stabilised.

The first week of November shows a narrow trading band, with 24-karat moving between Dh475 and Dh484. Traders say this supports the view that the local market is tracking a global pause after last month’s steep rally. (Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, and India.)

Gold held flat globally as investors worked through contradictory cues. Outplacement firm Challenger, Gray & Christmas reported the largest October job cuts in more than twenty years, a reading that typically strengthens the case for further US rate cuts. At the same time, 10-year Treasury yields recorded their biggest one-day drop in about a month.

However, Chicago Fed President Austan Goolsbee pushed back against expectations for more easing. He said the absence of official inflation data during the US government shutdown left him “even more uneasy” about continuing to cut borrowing costs. His remarks tempered some of the rate-cut optimism that had supported bullion through the year.

Spot gold traded near $3,987 an ounce on Friday and rose to $3,990.15 in early Singapore dealings. The metal is on track for a small weekly loss that would mark its third straight decline, the longest such run this year. Even so, prices remain up more than 50% in 2025, putting gold on course for its strongest annual performance since 1979.

The earlier rally was driven by US rate cuts, strong inflows into bullion-backed ETFs and continued central bank buying. The extended US government shutdown has complicated economic assessment, making private data such as the Challenger report a more important source of insight.

The Federal Open Market Committee is scheduled to meet next month for its final policy discussion of the year. Traders expect the tone of that meeting to set the direction for bullion in December.

Silver gained for a third straight session, while platinum edged higher and palladium held steady.

- With inputs from agencies.