United Arab Emirates United States

Gold prices in Dubai were unchanged at the start of trading on Wednesday after declining on Tuesday evening, while global spot gold edged higher as markets waited for US inflation figures.

Data from the Dubai Jewellery Group showed 24K gold opening at Dh502.0 per gram. The price of 22K gold stood at Dh465.0 per gram, while 21K and 18K were quoted at Dh445.75 and Dh382.0 per gram, respectively.

In international trading, spot gold rose 0.28 per cent to $4,165 an ounce ahead of the US inflation release. Silver was steady at $217.6 an ounce.

Forex.com said gold and silver were both near the lower end of their 2026 trading ranges. It noted that gold had rebounded from around $3,930, helping to preserve its longer-term bullish structure for the time being.

“A decisive break beneath those lows would change the picture materially, however, weakening the technical case and opening the door to significantly deeper losses,” Forex.com said.

Razan Hilal, a market analyst at Forex.com, said markets were balancing softer inflation signals linked to crude prices against tightening financial conditions associated with US Treasury yields.

“Markets are currently caught between softer inflation signals from crude and increasingly restrictive financial conditions from US Treasury yields,” Hilal said. “If yields begin to reverse while oil remains below its September highs, some of the pressure on gold, silver and broader risk assets could begin to unwind.”

Ilya Spivak, head of global macro at Tastylive, told Reuters that the market was trading within a range rather than making a major move. He said gold’s ability to maintain that range while oil was rallying indicated that the metal was seeking a catalyst to rise.

“What we're looking at here is not a big move, it's within a range. But the fact that we are able to hold a range while oil is rallying suggests that gold is trying to find a reason to rally,” Spivak said.

Spivak added that weaker readings in forthcoming consumer price index, producer price index and retail sales data could lead markets to reduce expectations for further Federal Reserve rate increases this year, potentially supporting gold.