Dubai gold slips as 24K hits Dh618 while global bullion rises
Silver surges globally as investors seek safe-haven metals
DUBAI – Dubai gold prices edged lower on Friday, with rates dropping from Thursday’s levels according to the Dubai Jewellery Group.
The latest suggested retail rates show a modest pullback after several volatile sessions in global bullion markets.
The decline comes even as international gold prices rebound amid heightened geopolitical tensions and a softer US dollar. Market attention remains fixed on developments in the Middle East and upcoming US economic data that could influence bullion demand.
Dubai gold rates
The Dubai Jewellery Group listed the suggested retail price of 24K gold at Dh618 per gram on Friday, down from Dh623.25 on Thursday, marking a decline of Dh5.25 in a day.
Other gold categories also slipped slightly compared with the previous session. 22K gold fell to Dh572.25 per gram, down from Dh577, while 21K dropped to Dh548.75 from Dh553.25. The price of 18K gold moved down to Dh470.25, compared with Dh474.25 a day earlier, while 14K gold declined to Dh367, down from Dh370.
Earlier in the week, gold had traded significantly higher in Dubai before easing. On Wednesday (March 4), 24K gold stood at Dh621.25 per gram, while Tuesday (March 3) saw the rate at Dh639.75. At the start of the week on Monday (March 2), the same purity was priced at Dh649 per gram, reflecting a sharper drop over several sessions.
Global bullion
Internationally, gold prices rebounded on Friday as investors turned to safe-haven assets amid escalating geopolitical tensions in the Middle East.
Spot gold rose 1% to $5,128.39 per ounce, recovering from a more than 1% decline in the previous session. US gold futures for April delivery also gained 1.2% to $5,137.50.
The rebound was partly supported by a 0.3% decline in the US dollar, making dollar-denominated gold more affordable for investors holding other currencies. Despite Friday’s rise, bullion remains around 3% lower for the week, potentially ending a four-week winning streak.
Heightened geopolitical tensions have been a major driver for gold demand. The conflict involving Iran, Israel, the United Arab Emirates and Qatar and other Gulf countries has raised concerns about wider regional instability, increasing the appeal of traditional safe-haven assets.
Other precious metals
Precious metals broadly moved higher alongside gold in international markets.
Spot silver jumped 2.6% to $84.26 per ounce, reflecting strong investor demand amid market volatility. Silver futures margins were also reduced by CME Group, which cut the initial margin on COMEX 5,000 silver futures to 14% from 18%.
Meanwhile, platinum gained nearly 1.6% to $2,154.60, while palladium climbed 2.2% to $1,665.21 per ounce, highlighting broader momentum across the precious metals complex.