The 24k benchmark opened at Dh507.50 a gram on Wednesday, up from Dh503.75 the day earlier. The popular 22k retail barometer was quoted at Dh470 from Dh466.50. Local jewellers said the festive and wedding season demand amplified the impact of even modest price swings in a market that has delivered steep gains through 2025. (Check latest UAE gold prices , alongside prices in , , , , , and .)
Monthly snapshot
Fed cut bets tighten grip
“We are seeing classic macro positioning,” a strategist said. “A softer dollar and easing real yields are giving metal bulls enough cover to defend six-week highs without technical disorder.”
Gold gained 0.4% on Wednesday to trade at $4,224.31 an ounce, after two days of decline, steadying near its highest level in six weeks.
Silver ran hotter. The white metal rose as much as 0.8% to hit $58.9471 an ounce, beating a prior peak of $58.84 set two sessions earlier. “The market is sniffing supply tightness,” said one trader, pointing to renewed speculative interest.
Triangle pattern brings the bulls back
Technical desks tracking spot bullion see the recent consolidation as an orderly digestion of October’s overbought surge. The triangular build-up of higher lows above a rising 200-day average has encouraged bulls.
A sustained push above resistance near $4,245 an ounce could unlock $4,300, $4,337 and the previous $4,382 high. Support is clustered at $4,126, with a firmer footing at the 55-day average near $3,998, levels investors expect buyers to defend on deeper volatility.