Dubai 22-karat gold hits Dh445.25 amid global unrest
Silver, platinum gain while gold steadies under $4,000
DUBAI – Gold prices in Dubai edged higher on Thursday, continuing their midweek rebound as the Dubai Jewellery Group posted fresh retail rates.
As of Thursday morning, 24-carat gold traded at Dh 480.75 per gram, 22-carat at Dh 445.25, 21-carat at Dh 426.50, and 18-carat at Dh 365.75.
Compared with Wednesday’s prices of Dh 478.50, Dh 443.00, Dh 424.75 and Dh 364.00 respectively, each category saw a rise of about Dh 1.75 to Dh 2.25 per gram. Tuesday’s rates stood at Dh 480.25 for 24K and Dh 444.75 for 22K, while Monday opened the week slightly higher at Dh 482.50 for 24K and Dh 446.75 for 22K.
Global bullion moves
On the international market, spot gold was up 0.1 percent at $3,985.59 per ounce by 0600 GMT, lifted by a weaker US dollar that slipped from a four-month high. US gold futures for December delivery added a similar 0.1 percent to $3,995.30 per ounce.
Gold remains well below its record of $4,381.21 reached on 20 October but continues to draw support from the ongoing US government shutdown – the longest in the nation’s history – and uncertainty over future Federal Reserve policy.
Despite recent volatility, analysts note that the broader rally in gold – up nearly 170 percent since late 2022 – still ranks only third among the strongest surges in the last five decades.
Tariffs and other precious metals
Markets also reacted to a US Supreme Court review questioning the legality of Donald Trump’s trade tariffs, a move that could reshape global trade flows. Investors are recalibrating expectations after the Fed’s latest rate cut, now seen as possibly the final reduction this year.
Among other precious metals, silver gained 0.5 percent to $48.29 per ounce, platinum rose 0.1 percent to $1,562.55, and palladium climbed 0.5 percent to $1,426.02.