Dubai gold prices rebound as 24K gains Dh10 over one day
Silver advances as global precious metals strengthen
DUBAI – Dubai's gold market extended its reputation as one of the world's key destinations for jewellery shoppers on Thursday, with fresh retail prices reflecting renewed strength in global bullion markets.
The latest rates published by Dubai Jewellery Group showed gains across major purity categories after a volatile start to the week.
The move came as international gold prices advanced on softer-than-expected US employment data, easing oil prices and growing anticipation ahead of the closely watched US nonfarm payrolls report.
Dubai gold rates
According to Dubai Jewellery Group's suggested retail jewellery prices for Thursday, 24K gold was priced at Dh489.25 per gram, while 22K stood at Dh434.50 and 18K reached Dh372.25 per gram.
Compared with Wednesday's rates, 24K gold increased by Dh10.00 from Dh479.25 to Dh489.25 per gram. Meanwhile, 22K declined from Dh443.75 to Dh434.50, while 18K rose by Dh7.50 from Dh364.75 to Dh372.25.
Earlier in the week, Dubai gold rates had remained mixed. On Tuesday, June 30, prices stood at Dh480.25 for 24K, Dh444.75 for 22K and Dh365.50 for 18K. On Monday, 24K gold was Dh488.00, with 22K at Dh452.00 and 18K at Dh371.50 per gram, highlighting the fluctuations seen over four consecutive trading sessions.
Global market
Internationally, spot gold rose 0.9% to $4,065.51 an ounce on Thursday morning after reaching its strongest level since June 23 during the previous session. US gold futures for August delivery edged 0.1% lower to $4,078.20 an ounce.
The precious metal recovered after closing higher on Wednesday, supported by weaker-than-expected US private payroll figures. The ADP report showed private employment increased by 98,000 jobs in June, below economists' expectations of 118,000, boosting expectations that the US labour market may be cooling.
Markets are now focused on the official US nonfarm payrolls report, which could influence the US Federal Reserve's next interest rate decision. Lower employment growth could strengthen expectations for monetary policy easing, a scenario generally viewed as supportive for gold.
Gold also found support after oil prices declined following indirect talks between the United States and Iran centred on the Strait of Hormuz, although the discussions produced little progress towards a lasting agreement. Lower oil prices eased some inflation concerns, while a softer dollar added further support to bullion.
Other precious metals
Other precious metals also traded higher alongside gold. Spot silver climbed 1.8% to $60.20 per ounce, extending gains during Thursday's session.
Platinum advanced 2.3% to $1,613 per ounce, while palladium added 1.5% to $1,228.18 per ounce, reflecting broad strength across the precious metals market as investors continued to monitor US economic data, interest rate expectations, geopolitical developments and energy markets.