Dubai gold rates hold firm at Dh489.75 as global markets watch US-Iran tensions
Silver climbs as precious metals extend gains
DUBAI – Dubai's gold market remained steady on Tuesday, offering buyers unchanged jewellery prices despite fresh movement in international bullion markets.
The latest rates issued by the Dubai Jewellery Group showed no change from Monday, keeping prices at elevated levels.
Globally, investors continued to monitor developments surrounding the US, Iran, the dollar and upcoming economic data that could influence the direction of gold.
Dubai gold rates
According to the Dubai Jewellery Group's suggested retail prices, 24K gold was priced at Dh489.75 per gram, while 22K stood at Dh453.50 per gram. The 18K rate remained at Dh372.75 per gram.
The prices were unchanged from Monday's closing jewellery rates, providing stability for buyers after recent fluctuations. Compared with the previous increase, however, the latest prices remain Dh1.25 higher per gram across the three major categories. On the earlier trading day, 24K gold was priced at Dh488.50, 22K at Dh452.25 and 18K at Dh371.75.
The stable local pricing comes as Dubai continues to attract jewellery shoppers and investors seeking competitive retail rates backed by internationally recognised benchmarks.
Global markets
International gold edged higher during early Tuesday trade, with spot gold rising 0.2 percent to $4,059.81 per ounce. Market participants are closely watching a series of US labour market reports scheduled throughout the week, culminating in Friday's closely watched nonfarm payrolls data.
The economic releases are expected to provide fresh clues about the US Federal Reserve's next policy move after officials left interest rates unchanged at their latest meeting. Traders are currently pricing in a 65 percent chance of a rate increase in September.
Geopolitical uncertainty also remained in focus. US President Donald Trump said talks with Iran were under way and described them as a final opportunity to reach an agreement, while Tehran denied that any negotiations were taking place or had been planned.
The prolonged conflict has continued to fuel concerns over energy supplies and inflation, with investors also keeping a close watch on developments linked to the Strait of Hormuz and oil markets. Higher energy costs have reinforced inflation worries, adding another layer of support for gold as a traditional safe-haven asset, even as expectations of higher interest rates continue to influence investor sentiment.
Other precious metals
Other precious metals also traded higher during the session. Spot silver climbed 1 percent to $58.74 per ounce, extending its recent gains and outperforming gold.
Platinum advanced 1.2 percent to $1,646.59 per ounce, while palladium also rose 1.2 percent to $1,279.55 per ounce, reflecting broader strength across the precious metals market as investors balanced geopolitical risks with expectations surrounding US economic data.