Dubai gold climbs to Dh429 as prices surge 3.2% this week
Silver and platinum extend gains alongside gold’s record rally
DUBAI’s gold rates strengthened on Friday, closing the week at fresh highs.
The price of 24K stood at Dh429 per gram, up from Dh425.50 on Thursday and Dh426 on Wednesday. Earlier in the week, 24K was priced at Dh421.50 on Tuesday and Dh418.75 on Monday, showing a steady climb through the week.
For other categories, 22K reached Dh397, compared with Dh394.25 on Thursday and Dh394.50 on Wednesday. The 21K rate rose to Dh380.50 from Dh378 a day earlier, while 18K settled at Dh326.25 against Dh324 on Thursday.
Weekly gains
The steady increases reflect Dubai’s alignment with international bullion markets, where gold surged 3.2% this week after touching an all-time high of $3,578.50 on Wednesday. On Friday morning, spot gold traded at $3,557.99 per ounce, up 0.4%, while US gold futures for December delivery edged 0.3% higher to $3,616.70.
Silver also advanced, trading at $40.85 per ounce, heading for a third straight weekly rise. Platinum gained 1.1% to $1,382.33, while palladium was little changed at $1,237.
US market focus
Global investors are now watching US non-farm payrolls data, due later in the day, as it could shape expectations for the Federal Reserve’s September policy meeting. Traders are pricing in nearly a 100% chance of a 25-basis-point cut on 17 September.
The dollar’s recent softness has added further support to bullion. Meanwhile, former President Donald Trump’s calls for a more dovish Fed, alongside persistent geopolitical tensions, continue to underpin the safe-haven appeal of gold.
Wider market moves
Labour market indicators, including higher-than-expected US jobless claims and weaker private payroll growth, have reinforced expectations of easing ahead. Non-yielding gold traditionally benefits in low-interest-rate environments, a backdrop that appears increasingly likely.