Dubai gold up nearly 10pc with 24K at Dh594.25
Silver prices bounce back above recent lows after slide
DUBAI – Dubai’s gold market saw a notable rebound on Tuesday, with the Dubai Jewellery Group reporting the 24-carat retail gold price at Dh594.25 per gram, up from Dh541.50 on Monday, reflecting a near 10 percent jump in two sessions.
Similarly, 22K gold rose to Dh550.25 from Dh501.50, and 21K reached Dh527.75 versus Dh480.75 a day earlier, while 18K and 14K also posted firm gains.
These moves come as bullion markets stabilised after a sharp sell-off earlier in the week.
Bullion bounce
Global precious metals rallied on Tuesday with gold and silver recovering from recent steep declines. Spot gold climbed sharply, regaining ground above several key technical levels, while silver saw a strong rebound, rising more than 6 percent after dramatic recent weakness. This recovery followed one of the most volatile spells in metals trading, triggered in part by market responses to macroeconomic cues.
Global gold futures have recouped a chunk of recent losses, climbing back toward the mid-$4,800 an ounce region on COMEX trading, while silver regained footing above the $83-$85 per ounce area as buyers stepped in at lower price levels. These moves mirrored broader market strength in Asian equities and commodities after sharp earlier sell-offs unsettled traders.
Market forces
The recent sell-off that preceded this rebound had been partly linked to shifts in expectations around US Federal Reserve policy and leadership, alongside heightened margin requirements in futures markets that exacerbated downside pressure. The pullback in precious metals prices had been among the steepest in recent memory before the rebound began.
In parallel with gold and silver’s recovery, other precious metals also showed strength in broader markets, reflecting renewed investor focus on defensive and hard assets amid volatile global financial conditions. Movements in the US dollar and yields were key drivers influencing bullion demand and pricing trends.