The Gold Market in Dubai settled into a calmer rhythm in mid-November as early volatility eased and traders reassessed global interest rate expectations. This shift kept prices in a tight range and highlighted a more cautious tone across the sector as investors waited for clearer economic signals from major central banks.
Prices for 24K gold opened November at Dh482.25 per gram and then moved sharply due to global pressures. Rates slid to Dh475.25 on November 4 as international bullion weakened and the US dollar gained. Traders reacted quickly because the early decline raised concern about momentum. However, prices rebounded soon after and climbed to Dh495.50 by November 11.
A short rally then pushed prices higher. Rates peaked at Dh504.75 on November 12 and stayed close to that level the next day. Analysts linked the rise to renewed safe-haven interest and shifting expectations surrounding US monetary policy. Retailers noted that global shifts outweighed local demand in directing daily pricing.
By mid-month, momentum cooled again. Prices dropped into the high Dh480s and then stabilised at Dh489.75 on November 18 and 19. Analysts said traders monitored the possibility of a December rate cut and avoided large speculative positions because central banks maintained a data-driven stance.
A similar pattern shaped 22K gold. Rates started at Dh446.50, dipped to Dh440 on November 4, and rose to Dh467 by November 12. Prices later eased into the mid-450s and settled at Dh453.50. Retailers noted that both purity levels followed the same global-driven trend.
International bullion also regained strength. Gold traded near $4,109 an ounce after a modest rise, signalling firm underlying demand despite rising risk appetite in equities. Experts pointed to stronger links between major technology stocks and precious metals as tech gains shaped broader investment behaviour.
Analysts expect Dubai to remain in a narrow corridor unless new economic data shifts global expectations. They anticipate continued intraday swings as traders balance caution with opportunity.
Looking ahead, industry observers expect November to end on a stable note. They believe December could deliver clearer direction once policymakers present new guidance. Dubai remains a major global hub and continues to anchor the Gold Market with strong regional influence.
