Dubai gold dips as 24K slides to Dh505.75
Spot gold pushes higher while silver sets fresh record highs
DUBAI – Dubai’s gold prices eased on Saturday, according to Dubai Jewellery Group’s daily rates, marking another turn in a volatile trading week.
The movement comes as global gold strengthened on expectations of a US Federal Reserve rate cut, while silver surged to a new all-time high. The shifts add further momentum to the precious metals market, which has stayed active throughout the first week of December.
Dubai gold prices
Saturday’s 24K price stood at Dh505.75 per gram, down from Friday’s Dh508.00 and matching Thursday’s level. The 22K rate was Dh468.25 compared with Dh470.50 on Friday, while 21K slipped to Dh449.00 from Dh451.00 the previous day. The 18K category recorded Dh385.00, down from Dh386.75, and 14K settled at Dh300.25 versus Friday’s Dh301.50.
Across the week, 24K moved between Dh505.75 and Dh508.75, with Wednesday marking the high at Dh508.75. Tuesday posted 24K at Dh508.25, while Monday opened the week at Dh508.00.
Global gold trends
In global markets, spot gold traded at $4,212.16 per ounce, rising 1% during Friday’s session despite a modest 0.4% weekly loss. U.S. gold futures settled at $4,243. Market sentiment was driven by expectations of a Federal Reserve rate cut, with CME’s FedWatch tool showing an 87.2% probability of a 25-basis-point reduction next week.
Silver remained the standout performer, touching a record $59.32 earlier before settling at $58.59, placing it 4% higher for the week and 98% up for the year. Platinum held at $1,646.10, and palladium edged to $1,453.39.
Weaker US dollar levels, evolving inflation indicators and softer employment data supported bullion momentum. Forecasts place gold within $4,200 to $4,500 this year, and between $4,500 and $5,000 in 2026. Meanwhile, physical demand in India and China eased as consumers waited for price adjustments.