Dubai gold climbs to Dh481.75 for 24K as global rates steady
Precious metals mixed worldwide as investors eye Federal Reserve moves
DUBAI – Dubai gold prices saw a mild rise on Friday, with the 24-karat rate climbing to Dh481.75 per gram, according to the latest figures from the Dubai Jewellery Group.
The 22K variety stood at Dh446.25, 21K at Dh427.75, and 18K at Dh366.75.
The rates mark an increase from Thursday’s Dh480.75 (24K) and Wednesday’s Dh478.50, continuing a steady upward trend over the past three days. Earlier this week, Tuesday’s 24K rate was Dh480.25, while Monday opened at Dh482.50, the highest point of the week before a midweek dip.
Global gold trends
On the global stage, gold prices gained on Friday as the US dollar fell to a one-week low following weaker-than-expected private-sector jobs data. Spot gold rose 0.5% to $3,996.67 per ounce, though it remains set for a slight weekly loss of 0.2%.
US gold futures for December delivery were trading 0.3% higher at $4,004 per ounce. Despite the rebound, bullion has dropped about 9% since reaching a record high of $4,381.21 on 20 October.
Market expectations for another Federal Reserve rate cut in December strengthened after the data showed the US economy lost jobs in October, particularly in government and retail sectors. Investors now see a 69% probability of a December rate cut, up from 60% in the previous session.
With the US government shutdown extending into record length, uncertainty has continued to bolster safe-haven demand, keeping investors focused on macroeconomic indicators and monetary policy cues worldwide.
Other precious metals
Silver gained 1% to $48.46 per ounce, though it was set for a weekly dip of 0.4%. Platinum edged up 0.2% to $1,544.15, down nearly 1.3% for the week, while palladium rose 0.5% to $1,381.75, headed for a 2.7% weekly loss.