Gold slips from record highs but UAE buyers hope for bigger price drop

Dubai: Gold rates in the UAE have largely stalled since Wednesday, while slipping nearly Dh3 from Tuesday’s peak and raising hopes among buyers for a bigger price drop.

On Thursday morning, 22K gold was Dh416 per gram and 24K was Dh449.5. Prices hit an all-time high of Dh452.25 for 24K and Dh418.75 for 22K just days earlier - levels that make gold less affordable for many buyers.

(Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait.) Meanwhile, the Indian gold rate for 24-carat gold spiked to ₹11,536 per gram, and the rate for 22-carat gold rose to ₹10,575 per gram on Thursday morning. 

While analysts see a possible near-term correction in gold prices, they expect any losses to be limited, with gains remaining the long-term trend.

Globally, gold held a decline - but remained near an all-time high - as traders weighed positive US economic data and divergent views by Federal Reserve officials this week that clouded the path for interest-rate cuts.

Bullion edged up to near $3,745 an ounce - less than $50 shy of a record set on Tuesday. The Fed chair Jerome Powell said the US job market and inflation face risks but gave no signal on whether he would support another interest rate cut in October.

Silver has also surged, making both metals among the best-performing commodities this year.