Dubai gold rates rise again with 24K reaching Dh514 per gram
Silver extends weekly gains alongside strengthening precious metals market
DUBAI – Dubai's gold market extended its upward momentum on Friday, with retail jewellery prices climbing further as international bullion remained on course for its strongest weekly performance since January.
The latest prices published by the Dubai Jewellery Group reflected another day of gains across all major purities.
The rally has been driven by firm global gold prices, easing oil markets and heightened investor focus on the latest US economic data.
Dubai gold rates
According to the Dubai Jewellery Group's suggested retail rates issued on Friday, 24K gold rose to Dh514.00 per gram. Meanwhile, 22K gold increased to Dh476.00 per gram, while 18K gold reached Dh391.25 per gram.
The latest prices marked a modest increase from Thursday, when 24K stood at Dh513.75, 22K at Dh475.75 and 18K at Dh391.00 per gram.
The broader trend over the week has been significantly stronger. On Wednesday, gold prices had already jumped to Dh498.50 for 24K, Dh461.50 for 22K and Dh379.25 for 18K. Tuesday's rates remained unchanged from Monday at Dh489.75, Dh453.50 and Dh372.75 respectively, while Monday itself followed an earlier session that saw 24K priced at Dh488.50, 22K at Dh452.25 and 18K at Dh371.75 per gram.
Overall, Friday's 24K rate was Dh25.50 higher than Monday's level, highlighting the sharp appreciation seen in Dubai's gold market over the course of the week.
Global markets
International gold prices also continued to strengthen on Friday. Spot gold traded at $4,262.39 per ounce after touching a seven-week high in the previous session, while US gold futures rose to $4,321.50 per ounce.
Bullion was on track for a gain of more than 5 percent for the week, its strongest weekly performance since January. Investors were closely watching the release of the US nonfarm payrolls report, a key indicator that could influence expectations for future US interest rate moves.
Lower crude oil prices also supported bullion during the week by easing inflation concerns. Softer energy prices have reduced expectations that interest rates will remain elevated for longer, improving the appeal of non-yielding assets such as gold.
Market sentiment was also influenced by geopolitical developments. US President Donald Trump said he believed the conflict involving Iran could end soon, easing concerns over supply disruptions and helping pull oil prices lower. The Strait of Hormuz, a critical route for global oil shipments, remained in focus as investors monitored developments across the Middle East.
Other precious metals
Silver joined gold in posting strong weekly gains. Spot silver rose 1.3 percent to $62.27 per ounce, extending its advance alongside the broader precious metals complex.
Platinum also strengthened, rising 0.5 percent to $1,737.25 per ounce, while palladium edged 0.2 percent lower to $1,368.37 per ounce. Despite the slight decline in palladium on Friday, all three metals were still on course to record gains for the week, reflecting continued investor interest across the precious metals market as economic data and global geopolitical developments remained firmly in focus.