Dubai gold jumps Dh20 in 48 hours as global tensions ease
Silver edges higher as oil prices retreat globally
DUBAI – Dubai’s gold market saw another strong rise on Thursday, with retail rates climbing across all major categories as international bullion prices steadied near a one-week high.
The latest prices released by the Dubai Jewellery Group showed 24K gold reaching Dh566 per gram, continuing a volatile trading week for shoppers and investors across the emirate. The increase follows sharp movements in global markets tied to geopolitical developments, currency weakness and shifting expectations around US interest rates.
On Thursday, 22K gold was priced at Dh524 per gram, while 21K stood at Dh502.50. Rates for 18K and 14K gold reached Dh430.75 and Dh336 respectively.
The latest rise marks a Dh6 increase for 24K gold compared with Wednesday’s Dh560 rate. Over the past four days, Dubai’s gold prices have moved sharply in both directions. On Tuesday, 24K gold was priced at Dh546.25 before jumping strongly midweek, while Monday’s rate stood higher at Dh555.
The same pattern was visible across other categories. The 22K rate moved from Dh505.75 on Tuesday to Dh518.75 on Wednesday before climbing again on Thursday. Meanwhile, 21K gold gained more than Dh17 over two days.
Global trends
Internationally, spot gold held steady at around $4,692 per ounce on Thursday morning after surging nearly 3 percent in the previous session. US gold futures also edged higher to around $4,701.
Markets remained focused on developments surrounding a possible US-Iran peace agreement after President Donald Trump predicted a swift end to the conflict. Tehran was reported to be reviewing a US proposal aimed at ending the war while discussions continued over Iran’s nuclear programme and the reopening of the Strait of Hormuz.
The US dollar hovered near a three-month low, making gold cheaper for holders of other currencies. At the same time, benchmark US Treasury yields eased this week, improving the appeal of non-yielding bullion assets.
Other precious metals
Oil markets also remained under pressure, with Brent crude prices falling about 6 percent this week as optimism grew over easing Middle East tensions.
Among other precious metals, spot silver rose 0.3 percent to $77.52 per ounce. Platinum slipped to $2,054.95, while palladium edged slightly higher to $1,538.22.