Dubai gold holds firm as global prices touch $3,895 per ounce
Silver slips while palladium climbs over 1 percent
DUBAI – Dubai Jewellery Group data shows today’s retail gold jewellery rates in the emirate holding firm.
As of Thursday, 24K gold stood at Dh465.75 per gram, 22K at Dh431.50, 21K at Dh413.50 and 18K at Dh354.50.
Rates were unchanged from Wednesday, when 24K and 22K also held at Dh465.75 and Dh431.50 respectively. On Tuesday, prices were slightly higher with 24K at Dh466.00 and 21K at Dh413.75, while 18K remained steady at Dh354.50. Monday had seen lower levels, with 24K at Dh458.25, 22K at Dh424.25, 21K at Dh407.00 and 18K at Dh348.75.
Global market highs
On the international stage, gold hovered near record peaks on Thursday, trading at $3,866.05 per ounce at 0357 GMT, after touching a historic high of $3,895.09 on Wednesday. US gold futures for December delivery slipped 0.2% to $3,891.40.
Prices have been supported by weaker US private payrolls data, which showed a decline of 32,000 jobs in September. The figures fuelled expectations of a 25 basis-point interest rate cut by the Federal Reserve this month. Political tension has also added momentum, with a government shutdown delaying key economic reports, including Friday’s much-watched non-farm payrolls release.
Traders continue to monitor the Fed’s stance on inflation and a Supreme Court case linked to former US President Donald Trump that could impact the central bank.
Other precious metals
Other precious metals saw mixed moves. Spot silver edged down 0.2% to $47.22 per ounce, platinum was little changed at $1,559, while palladium rose strongly, up 1.7% at $1,265.71.