Dubai gold rises up to Dh2 as global prices top $5,153
Silver slips below $83 amid precious metals market volatility
DUBAI – Gold prices in Dubai edged higher on Thursday, with the latest retail rates from the Dubai Jewellery Group showing a modest increase compared with Wednesday.
The slight rise follows a sharp fall earlier in the week, with prices still well below Monday’s levels.
Dubai gold rates
According to the Dubai Jewellery Group, Thursday’s gold rates are:
- 24K: Dh623.25 per gram
- 22K: Dh577.00 per gram
- 21K: Dh553.25 per gram
- 18K: Dh474.25 per gram
- 14K: Dh370.00 per gram
These levels are slightly higher than Wednesday’s prices, when 24K gold stood at Dh621.25, 22K at Dh575.25, and 21K at Dh551.75 per gram.
On Tuesday (March 3), gold was notably higher, with 24K priced at Dh639.75 per gram, while 22K reached Dh592.50 and 21K traded at Dh568.00.
Earlier in the week on Monday (March 2), the market recorded the highest levels so far, with 24K gold touching Dh649.00 per gram, while 22K was Dh601.00 and 21K stood at Dh576.25.
Global gold market
Internationally, gold prices moved higher on Thursday as investors turned towards bullion amid escalating geopolitical tensions in the Middle East.
Spot gold rose 0.4 percent to $5,153.11 per ounce, while US gold futures for April delivery climbed to $5,161.30. Despite the gains, a rebound in the US dollar limited the metal’s upside, as a stronger dollar typically makes gold more expensive for buyers using other currencies.
Global markets have also been closely watching developments after a US submarine sank an Iranian warship near Sri Lanka, escalating regional tensions. The widening conflict has increased demand for traditional safe-haven assets such as gold.
Gold has already gained roughly 20 percent this year, hitting a series of record highs as political and economic uncertainties continue to drive investor demand.
Markets are also monitoring policy signals in the United States after **Donald Trump nominated former Federal Reserve governor Kevin Warsh as the next chair of the US central bank. Investors are awaiting upcoming economic data including weekly jobless claims and the February employment report, which could influence expectations for interest rate policy.
Other precious metals
In the wider precious metals market, silver declined 1.5 percent to $82.20 per ounce during Thursday’s trading.
Other metals also moved lower. Platinum slipped 0.5 percent to $2,138.11, while palladium dropped 1.2 percent to $1,654.08.