On Friday, 30 October 2026, spot gold traded close to $4,000 an ounce. It closed Thursday down 1.18% at $4,021 and is heading for a second straight monthly fall.
The key news: The US Federal Reserve held rates at 3.75%–4.00% on 28 October in a 10–2 vote. Both dissenters wanted a hike. US third-quarter GDP grew 3.4% and weekly jobless claims fell to 194,000, so markets now see roughly an 80–85% chance of a rate hike at the 8–9 December meeting. Higher rates weigh on gold because it pays no interest.
What it means for wholesale buyers: In Dubai this morning, 24K is AED 481.50 per gram, 22K is AED 445.75, 21K is AED 427.50 and 18K is AED 366.50. That is AED 3.50 per gram lower on 24K.
Example: A 1-kilo 24K bar costs AED 481,500 at today’s rate. A 10-tola bar (116.64g) costs about AED 56,162 before premiums.
Advice for partners: Stage purchases in tranches rather than one large order. Check making charges and premiums separately from the metal rate.
The honest caution: Gold could slip below $4,000 if the Fed hikes, or jump on any escalation in the Gulf. Nobody can time the bottom.
Assel Gold — Dubai wholesale jewellery, priced at today’s rate.
