Dubai gold rates rise by Dh13.75 as global prices rebound above $4,400
Silver advances as precious metals regain ground
DUBAI – Dubai gold rates moved higher on Thursday, with all three major retail jewellery prices gaining after a sharp decline in the previous session.
The latest suggested retail rates from the Dubai Jewellery Group showed 24K gold at Dh532 per gram, while 22K stood at Dh492.50 and 18K at Dh404.75. The rebound came as international gold prices recovered above $4,400 an ounce amid a softer US dollar and lower Treasury yields.
The latest Dubai prices mark a noticeable recovery from Wednesday, when 24K gold was priced at Dh518.25 per gram, 22K at Dh480 and 18K at Dh394.50. On Thursday, 24K gained Dh13.75, while 22K and 18K increased by Dh12.50 and Dh10.25 respectively.
Tuesday's rates were higher than Wednesday's, with 24K at Dh533.50, 22K at Dh494 and 18K at Dh406. This means Wednesday's decline was Dh15.25 for 24K, Dh14 for 22K and Dh11.50 for 18K.
On Monday, August 31, the Dubai Jewellery Group listed 24K at Dh533, 22K at Dh493.75 and 18K at Dh405.75. Compared with Monday, Thursday's rates remain Dh1 lower for 24K, Dh1.25 lower for 22K and Dh1 lower for 18K, despite the latest session's rebound.
Global markets
In international markets, spot gold rose 0.5 percent to $4,409.97 an ounce by 0219 GMT on Thursday, after touching a near one-month low during the previous session. US gold futures gained 0.9 percent to $4,455.30. The move came as the dollar weakened and US Treasury yields eased from multi-year highs, improving the appeal of gold for holders of other currencies.
Attention is now turning towards Friday's US nonfarm payrolls report, which could influence expectations for the Federal Reserve's next interest-rate decision. US private payroll growth was moderate in August, while a Federal Reserve survey showed economic activity increased modestly, employment rose slightly and prices increased moderately in recent weeks.
Geopolitical risks remain another major factor. US President Donald Trump's administration is seeking to prevent further escalation of the Iran conflict, while renewed military tensions continue to keep markets focused on the Middle East and the Strait of Hormuz. Oil prices have also remained elevated amid concerns over possible disruption to regional supplies, with Brent recently trading around the $90 mark.
Other precious metals
Silver also strengthened alongside gold, with spot silver rising 0.6 percent to $65.74 an ounce. Platinum climbed 0.6 percent to $1,770.88, while palladium gained 0.6 percent to $1,354.00.