Dubai gold nears Dh405 despite global spot price dip
Platinum and palladium retreat while silver inches up
DUBAI: Gold prices in Dubai began the week on a strong note, with 24K gold trading at Dh404.75 per gram on Monday.
This marks a jump of Dh8.00 from last week’s Friday rate of Dh396.75, continuing the bullish momentum that began over the weekend.
Other categories followed suit: 22K gold is now priced at Dh375.00, up from Dh367.50; 21K stands at Dh359.50, and 18K is currently Dh308.25. The rise comes after a turbulent week where 24K gold had dipped by nearly Dh6 before rebounding on Saturday to Dh405.25.
Global gold prices
The local rally contrasts slightly with the international trend. On Monday morning, spot gold declined 0.1% to $3,360.62 per ounce, after a 2% surge on Friday. US gold futures, however, edged higher by 0.4% to $3,412.80. The mixed performance reflects profit-taking and a steadying dollar, following softer-than-expected US nonfarm payroll data.
The US added only 73,000 jobs in July, raising expectations that the Federal Reserve could cut interest rates in September, with markets pricing in an 81% probability. Such rate moves generally support gold, which does not yield interest.
How are tariffs affecting sentiment?
Adding to the market’s caution, US President Donald Trump’s newly imposed tariffs are expected to remain in place, according to Trade Representative Jamieson Greer. While traditionally a safe-haven during economic tension, gold’s response remains moderated by investor profit-booking after recent gains.
Despite the temporary pullback, Citi has raised its gold forecast to $3,500 per ounce over the next three months, citing deteriorating near-term growth and inflation outlook in the US.
Where are other metals headed?
Among other precious metals, silver rose 0.2% to $37.10 per ounce. In contrast, platinum fell 0.6% to $1,307.52, and palladium also dropped 0.6% to $1,201.44, echoing a cautious start to the week in the broader metals market.