Dubai gold rates rise by up to Dh0.50 per gram as global prices slip
Silver slips as precious metals respond to shifting global market signals
DUBAI – Dubai gold rates edged higher on Tuesday, with 24K reaching Dh533.50 per gram as global gold prices slipped amid Iran tensions and awaiting US jobs data.
DUBAI – Dubai gold rates moved higher on Tuesday, with all three key retail categories recording modest gains from Monday.
According to the Dubai Jewellery Group’s suggested retail jewellery prices, 24K gold was priced at Dh533.50 per gram, while 22K stood at Dh494 and 18K at Dh406. The gains came even as international gold prices slipped amid heightened Middle East tensions and uncertainty over the US interest rate outlook.
On Monday, 24K gold was priced at Dh533 per gram, 22K at Dh493.75 and 18K at Dh405.75. This means 24K increased by Dh0.50 per gram, while both 22K and 18K gained Dh0.25 per gram.
The Dubai prices reflect the local retail market as global bullion markets continue to respond to developments involving the US, Iran, oil prices and monetary policy expectations.
Global gold
Spot gold fell 0.4 percent to $4,428.54 an ounce by 0432 GMT on Tuesday, after touching its lowest level since August 19 during the previous session. US gold futures also edged 0.1 percent lower to $4,477.20.
Market attention is focused on a series of US labour market indicators due this week, including job openings, the ADP employment report and nonfarm payrolls. The figures could influence expectations surrounding the Federal Reserve’s interest rate decisions.
Gold had climbed to its highest level in more than three months last week before falling 3 percent on Friday following comments from Fed Chair Kevin Warsh that policymakers may need to act if they lack confidence that inflation is moving towards the 2 percent target.
Higher interest rates can weigh on gold because they increase the appeal of yield-bearing assets, while the precious metal is often viewed as a hedge against inflation.
US President Donald Trump said he respected Warsh and that he would do what he had to do regarding interest rates. Trump also threatened further strikes against Iran on Monday following the first direct exchange of attacks between the two sides in a month.
Oil and metals
The latest developments have also pushed oil prices higher for a second consecutive session. Renewed tensions around the Strait of Hormuz have added to concerns over energy supplies and contributed to higher oil prices, while also raising inflation expectations.
Traders are closely watching the situation as the conflict between the US and Iran has shifted into a broader economic standoff, with developments in the region continuing to influence financial markets.
In other precious metals, spot silver fell 0.2 percent to $66.42 an ounce. Platinum moved 0.4 percent higher to $1,797.71, while palladium was steady at $1,355.08.
The precious metals market is also being closely monitored alongside the upcoming US employment data, which could provide fresh signals on the direction of interest rates and the broader dollar-linked market.