Dubai gold jumps by up to Dh8.75 per gram as global prices extend rally
Silver, platinum and palladium post gains amid easing oil prices
DUBAI – Dubai gold prices moved sharply higher on Wednesday, with all major jewellery categories recording strong gains after holding steady at the start of the week.
The latest rates released by the Dubai Jewellery Group reflected a broad rise across 24K, 22K and 18K gold, mirroring strength in international bullion markets.
The increase comes as investors continued shifting towards safe-haven assets while monitoring US economic data, currency movements and developments in the Middle East.
Dubai gold rates
According to the Dubai Jewellery Group's suggested retail prices for Wednesday, August 5, 24K gold rose to Dh498.50 per gram, while 22K increased to Dh461.50 per gram. The price of 18K gold climbed to Dh379.25 per gram.
Compared with Tuesday's prices, 24K gained Dh8.75 per gram from Dh489.75, while 22K rose Dh8.00 from Dh453.50. The 18K rate increased Dh6.50 from Dh372.75 per gram.
Monday's prices were identical to Tuesday's, meaning Wednesday marked the first significant movement after two consecutive days of unchanged rates. The latest rise has pushed local jewellery prices close to recent record levels, reflecting renewed momentum in the global precious metals market.
Global markets
International gold prices extended gains for a third consecutive session on Wednesday. Spot gold climbed 1.3 percent to $4,127.04 per ounce, while US gold futures advanced 0.8 percent to $4,184.40.
The rally was supported by a weaker US dollar, making dollar-priced bullion more attractive for buyers using other currencies. Oil prices also stabilised after steep declines over the previous two sessions, easing inflation concerns that often influence expectations for US interest rates.
Investors remained focused on upcoming US labour market data, including the ADP employment report and Friday's non-farm payrolls figures, which could shape expectations for the Federal Reserve's next policy decision. Market participants are currently pricing a 59 percent probability of a US interest rate increase at the September meeting, down from 67 percent a day earlier.
Attention also remained on geopolitical developments. Qatar said mediators were making progress in efforts to end the conflict involving the United States and Iran, although Tehran denied US President Donald Trump's claim that talks were already underway. The situation continues to keep markets alert to any disruption affecting regional energy supplies, including the strategically important Strait of Hormuz, while oil prices remain a key factor influencing inflation and investor sentiment.
Other precious metals
Other precious metals also traded higher alongside gold. Spot silver rose 1.9 percent to $60.64 per ounce, continuing its strong performance as investor demand broadened across the precious metals sector.
Platinum gained 1.4 percent to $1,758.35 per ounce, its highest level since mid-June, while palladium added 0.9 percent to $1,365.62 per ounce, extending gains for a second straight session. The broader advance reflected continued interest in precious metals as investors balanced expectations for US monetary policy, currency movements and geopolitical developments.