Dubai gold surges to Dh405.25 as global rates rally
Silver, platinum and palladium see mild gains
DUBAI: Gold prices in Dubai climbed sharply on Saturday, snapping a four-day losing streak.
As of Saturday, 24K gold is retailing at Dh405.25 per gram, up Dh8.50 from Friday’s rate of Dh396.75.
The 22K variant stands at Dh375.25, compared to Dh367.50 on Friday. Meanwhile, 21K gold has risen to Dh360.00, and 18K is now priced at Dh308.50.
Dubai gold prices
Earlier this week, 24K gold had been on a steady decline, slipping from Dh402.50 on Monday to Dh397.50 by Thursday, and hitting Dh396.75 on Friday. In total, the metal had dropped Dh5.75 during the week before today’s surge. Similar patterns were observed in lower karat gold categories.
The upward turn comes amid heightened global interest in safe-haven assets, particularly following key developments in the US economy and international trade policy.
Global gold trends
Internationally, gold prices soared on Friday. Spot gold surged 1.8% to $3,347.66 per ounce, marking its highest level since July 25. US gold futures closed at $3,399.80, up 1.5%.
This boost followed disappointing US payrolls data, with July’s nonfarm payrolls rising by just 73,000 jobs, far below market expectations. The slowdown raised market hopes for Federal Reserve rate cuts, potentially beginning in September.
Meanwhile, newly announced US tariffs on major trading partners rattled global markets, further supporting gold’s safe-haven appeal.
Other precious metals
Spot silver edged up 0.4% to $36.88 per ounce, platinum gained 1.2% to $1,304.91, and palladium rose 1.4% to $1,208.05. Despite today’s gains, all three metals recorded weekly losses, reflecting a volatile trading environment.