Dubai gold hits Dh567.50 as 24K climbs Dh21.25 in four days
Silver jumps sharply as investors monitor oil and dollar movements
DUBAI – Dubai’s gold market remained firmly in focus on Friday as retail rates extended this week’s upward momentum, reflecting stronger global bullion prices and heightened investor attention on geopolitical developments surrounding the United States and Iran.
The emirate’s gold souqs and jewellery retailers opened with higher prices across all major categories, continuing Dubai’s reputation as one of the world’s most closely watched physical gold markets.
Dubai gold rates
According to the Dubai Jewellery Group’s suggested retail rates, 24K gold was priced at Dh567.50 per gram on Friday, while 22K stood at Dh525.50, 21K at Dh504.00 and 18K at Dh432.00. The latest increase follows a week of volatile but largely upward movement in bullion markets.
On Thursday, 24K gold was priced at Dh566.00 per gram before climbing another Dh1.50 on Friday. Wednesday rates were notably lower at Dh560.00, while Tuesday recorded Dh546.25 for 24K gold. Monday rates stood at Dh555.00 per gram.
The figures show that 24K gold has risen by Dh21.25 since Tuesday and gained Dh12.50 compared with Monday levels. Similar gains were recorded across other categories, with 22K increasing from Dh505.75 on Tuesday to Dh525.50 on Friday.
Global markets
The rally mirrored movements in international markets, where spot gold climbed 0.8 percent to $4,723.56 per ounce on Friday. US gold futures for June delivery also advanced to $4,731.70. Bullion prices have gained more than 2 per cent this week despite continued geopolitical uncertainty in the Middle East.
Investors closely monitored developments linked to the US-Iran ceasefire after reports of renewed exchanges between the two countries on Thursday. Markets also reacted to statements from US President Donald Trump indicating that the ceasefire remained in effect.
The Strait of Hormuz, a key global oil shipping route, remained under scrutiny as traders assessed potential impacts on crude supply and inflation expectations. Elevated oil prices typically increase inflation concerns, influencing interest rate expectations and gold demand worldwide.
At the same time, markets awaited the latest US nonfarm payrolls report for further signals on Federal Reserve policy direction and dollar strength.
Other precious metals
Other precious metals also posted strong advances. Spot silver jumped 2.5 percent to $80.42 per ounce, continuing its recent rally alongside gold. Platinum rose 1.8 percent to $2,057.62, while palladium climbed 1.8 percent to $1,507.28.