Dubai gold rates climb as 24K reaches Dh523.25 per gram
Silver reaches $64.63 as bullion markets strengthen
DUBAI – Dubai gold rates moved sharply higher on Saturday with all major purities recording gains from the previous session.
The latest suggested retail jewellery prices from the Dubai Jewellery Group showed 24K gold climbing above Dh520 per gram, while 22K and 18K also posted notable increases. The move extends a strong upward run through the week, putting the latest rates well above their levels at the start of August.
Dubai gold rates
For Saturday, the Dubai Jewellery Group listed 24K gold at Dh523.25 per gram, compared with Dh514.00 on Friday. The 22K rate rose to Dh484.50 from Dh476.00, while 18K increased to Dh398.25 from Dh391.25. The latest prices apply to suggested retail jewellery rates and are quoted per gram.
Weekly move
The five-day comparison shows how quickly prices have climbed. On Friday, August 7, 24K stood at Dh514.00, while Thursday's rate was Dh513.75. Wednesday saw 24K at Dh498.50, followed by Dh488.50 on Tuesday and Dh489.75 on Monday.
That means Saturday's 24K rate is Dh9.25 higher than Friday, Dh9.50 above Thursday, Dh24.75 above Wednesday, Dh34.75 higher than Tuesday and Dh33.50 above Monday. For 22K, the corresponding rates were Dh476.00, Dh475.75, Dh461.50, Dh452.25 and Dh453.50. The 18K rates were Dh391.25, Dh391.00, Dh379.25, Dh371.75 and Dh372.75 respectively.
Global market
International markets have also seen a powerful week for bullion. Spot gold was recently trading around $4,295 per ounce, although Friday's trading saw the metal surge to around $4,370.90 per ounce, with gold gaining about 6 percent over the week. Silver also strengthened sharply, reaching $64.63 an ounce and recording an 11 percent weekly gain.
UBS expects gold to reach $5,000 per ounce in the first half of 2027, while noting that prices could experience periods of weakness before the longer-term rise. Gold remains below its January record, when it reached $5,594.82 per ounce.
China is also continuing to add to its bullion holdings. The People's Bank of China increased its gold reserves for a 21st consecutive month in July, adding 640,000 fine troy ounces, nearly 20 metric tons. Its holdings reached 76.08 million ounces, with the value of its gold reserves rising to $306.35 billion.
Silver shines
Silver has been particularly active alongside gold. Comex silver rose 9.97 percent over the week to $63.332 per ounce, while remaining well below its January peak of $115.08. The metal's latest advance adds to renewed momentum across the precious-metals market.