Dubai gold climbs to Dh409 as futures hit $3,534 record high
Asian gold buyers hesitate as prices surge across markets
DUBAI: Gold prices in Dubai continued their upward momentum on Friday, marking the fifth consecutive day of gains.
As of Friday, the 24-carat variety was priced at Dh409 per gram, up Dh2 from Thursday. The 22K rate climbed to Dh378.75, the 21K to Dh363.25, and the 18K to Dh311.25 – all increasing by Dh1 or less in the past 24 hours.
Comparing this to earlier in the week, 24K gold stood at Dh407 on Thursday, Dh406.50 on Wednesday, Dh405.25 on Tuesday, and Dh404.75 on Monday – making for a total gain of Dh4.25 across the week.
Gold rates across Asia
Gold demand in key Asian hubs slipped as prices spiked. In India, gold was priced at 102,100 rupees ($1,165.45) per 10 grams on Friday after touching a record earlier. Indian dealers quoted prices ranging from a $9 discount to a $2 premium per ounce, dampening buying interest.
In China, gold traded at par to a $2 premium over global spot rates. In Hong Kong and Singapore, premiums ranged from $1.60 to $2.50 per ounce, while in Japan, gold carried a modest $0.25 premium. Retail and wholesale sellers in Asia reportedly leaned towards profit-taking, with many offloading gold purchased at earlier, lower rates.
Global gold prices
Globally, spot gold edged up 0.20% to $3,394.14 as of 5:05 GMT, on track for a second consecutive weekly gain. Meanwhile, US gold futures for December delivery surged 1.13% to $3,492.70, reaching an all-time high of $3,534.10 earlier in the session.
The price jump follows a report that the US imposed tariffs on 1-kg and 100-ounce gold bar imports, triggering settlement concerns among major banks. The widened spread – now around $100 between futures and spot – reflects this market disruption.
Other precious metals
Silver slipped 0.3% to $38.20 per ounce. Platinum rose 0.7% to $1,343.64, while palladium remained flat at $1,150.94.