Dubai gold jumps Dh56 this week as 24K nears Dh600 per gram
Silver under pressure despite rebound
DUBAI – Dubai gold prices rose on Saturday, extending a volatile week for the local bullion market, according to Dubai Jewellery Group data.
The rise follows sharp mid-week swings driven by global price movements, investor positioning and currency shifts.
Retail demand remained focused on daily pricing moves as international markets stayed highly reactive.
Dubai gold rates
- 24K: Dh598.25
- 22K: Dh554.00
- 21K: Dh531.25
- 18K: Dh455.25
- 14K: Dh355.25
Across the week, prices showed wide fluctuations. On Friday, February 6, 24K gold stood at Dh584.00 per gram, after slipping from Dh593.25 on Thursday. Earlier in the week, rates peaked on Tuesday at Dh611.75 before easing to Dh594.25 on Wednesday and falling sharply to Dh541.50 on Monday.
The net weekly movement left 24K gold higher by Dh56.75 compared with the start of the week, highlighting sustained volatility rather than a steady trend.
Global gold markets
Internationally, gold prices regained upward momentum toward the end of the week, trading around $4,960 per ounce after briefly dipping below $4,500 earlier in the period. The recovery came as the US dollar index softened, making dollar-denominated gold more attractive to overseas buyers. Safe-haven demand also resurfaced amid persistent geopolitical concerns, including tensions involving Iran and ongoing uncertainty around US trade tariffs.
China remained a major influence on bullion markets. The country’s central bank extended its gold purchases for a 15th consecutive month in January, lifting total holdings to 74.19 million fine troy ounces. The value of China’s gold reserves rose sharply to $369.58 billion, underlining continued official-sector demand even as consumer jewellery demand softened.
Silver focus
Silver saw sharper swings than gold. Spot silver surged 5.3 percent to $74.98 per ounce after falling below $65 during Asian trading, though it remained on course for its steepest weekly decline since 2011.
Platinum climbed to $2,052 per ounce and palladium rose to $1,695.18, with both metals still set for weekly losses. Heavy retail activity, particularly in China, continued to inject volatility across precious and industrial metals, keeping price movements abrupt and closely watched.