Dubai gold surges past Dh513 as global bullion reaches seven-week high
Silver eases as softer dollar boosts precious metals
DUBAI – Dubai's gold market opened Thursday with a sharp rise in jewellery prices, extending the precious metal's strong momentum as international bullion touched its highest level in seven weeks.
The latest rates from Dubai Jewellery Group reflected gains across all major categories after a steady climb over recent sessions.
The increase comes as global gold prices continued to benefit from a weaker US dollar, lower Treasury yields and renewed optimism surrounding developments in the Middle East.
Dubai gold rates
According to Dubai Jewellery Group's suggested retail prices for Thursday, 24K gold rose to Dh513.75 per gram, while 22K increased to Dh475.75 per gram. The 18K rate climbed to Dh391.00 per gram.
The latest prices represent a significant jump from Wednesday, when 24K gold stood at Dh498.50, 22K at Dh461.50, and 18K at Dh379.25 per gram.
The market has witnessed a steady upward trend throughout the week. On Tuesday, 24K gold was priced at Dh489.75, with 22K at Dh453.50 and 18K at Dh372.75 per gram. The same rates were recorded on Monday before Thursday's sharp advance pushed prices to their highest level of the week.
Thursday's increase means 24K gold has gained Dh25.25 per gram since Monday, while 22K has risen by Dh22.25 and 18K by Dh18.25 over the same period.
Global markets
International gold prices also extended their advance on Thursday. Spot gold rose around 0.5 percent to $4,265.22 per ounce after touching its highest level since June 18. US gold futures also gained about 0.5 percent to $4,324.60 per ounce.
The precious metal has now advanced for a fourth consecutive trading session after recording its biggest daily gain since February on Wednesday.
Global markets have been supported by a softer US dollar and declining US Treasury yields, making dollar-priced gold more attractive for overseas buyers. Investors also reacted to growing optimism over diplomatic efforts involving Iran and Oman aimed at reopening the Strait of Hormuz, a crucial global oil shipping route.
Hopes that the strategic waterway could return to normal operations have eased concerns over energy supply disruptions, keeping pressure on oil prices while influencing expectations for future US monetary policy. Markets have also reduced expectations of a September US interest rate increase, while attention has shifted to the upcoming US non-farm payrolls report for further clues on the Federal Reserve's policy direction.
Other precious metals
Elsewhere in the precious metals market, spot silver edged 0.1 percent lower to $62.02 per ounce despite gold's continued strength.
Platinum gained 1.2 percent to $1,755.18 per ounce, reaching its highest level since June, while palladium rose 0.8 percent to $1,374.33 per ounce, marking its third consecutive session of gains as the broader precious metals market remained active amid shifting global economic and geopolitical developments.