Dubai gold rates dip as global prices hover below $3,900
Other precious metals post mixed performance in volatile trade
DUBAI – Dubai gold prices remained firm on Friday, with 24-carat retail gold holding at Dh463.25 per gram, according to Dubai Jewellery Group.
The yellow metal stayed steady after a week of heightened volatility in global markets, where bullion neared the $3,900 per ounce mark. Prices across all purities reflected only marginal changes compared with the previous sessions, keeping buyers and traders closely attuned to international cues.
Dubai gold prices
On Friday, 22-carat gold was priced at Dh429 per gram, while 21-carat stood at Dh411.5 and 18-carat at Dh352.5. A day earlier, 24-carat was at Dh465.75 and 22-carat at Dh431.5. Wednesday’s prices mirrored Thursday’s levels, while on Tuesday 24-carat held at Dh466. Monday, however, opened lower at Dh458.25 for 24-carat, Dh424.25 for 22-carat, and Dh407 for 21-carat.
Global trends
Globally, spot gold eased 0.3% to $3,844.01 per ounce as of 04:34 GMT, retreating slightly from Thursday’s record $3,896.49. US gold futures were flat at $3,867.70. Despite the dip, bullion remains on course for a seventh consecutive weekly gain, advancing nearly 2% this week alone. The rally has been supported by expectations of a 25-basis point Federal Reserve rate cut later this month and lingering concerns over the US government shutdown, which has already delayed some economic data releases.
The dollar index strengthened against rival currencies, making gold more expensive for overseas buyers and slowing momentum. Still, the precious metal has climbed 47% so far this year, underscoring its safe-haven appeal in times of financial and political uncertainty.
Other metals
Elsewhere in the market, silver slipped 0.2% to $46.85 an ounce. Platinum fell 0.6% to $1,559.26, while palladium edged higher by 0.3% to $1,244.32. Meanwhile, the Perth Mint reported its gold sales in September rose 21% month-on-month, with silver product sales reaching a five-month peak, further signalling strong investor demand.