Assel Gold presents its wholesale brief for Friday, October 2, 2026.
What happened today: The US added only 29,000 jobs in September, against about 90,000 expected, and unemployment rose to 4.2%. Markets now expect the Fed to hold rates on October 28 after September’s hike. Gold rose back above $4,200 within hours.
What it did to Dubai rates: 24K rose from Dh504.25 in the morning to Dh508.75 this evening, and 22K from Dh467.00 to Dh471.25.
Example: A wholesale order of 1 kg of 22K jewellery cost about Dh4,250 more in metal this evening than this morning. That is how fast one US data release reaches the Gold Souk.
Sharjah this weekend: The 58th Watch & Jewellery Middle East Show runs until Sunday at Expo Centre Sharjah, with more than 500 brands from 19 countries. The last edition saw purchasing power rise 41%. Expect strong retail demand and competitive making charges.
For our partners: With the Fed decision on October 28, lock part of your Q4 metal now and keep part flexible. Book core 21K and 22K lines before post-show restocking demand arrives.
The honest caution: One weak report doesn’t change the trend. A strong inflation reading before October 28 could reverse today’s gain.
Assel Gold — Dubai craftsmanship, wholesale trust.
