Dubai gold rates edge up to Dh482 as global prices cross $4,000
Platinum, silver and palladium gain modestly amid weaker dollar outlook
DUBAI – Dubai’s gold prices climbed on Saturday, reflecting gains in global bullion markets as the US dollar eased and traders anticipated potential interest rate cuts.
According to Dubai Jewellery Group, 24K gold was priced at Dh482 per gram, slightly up from Dh481.75 on Friday. The 22K variant remained steady at Dh446.25, while 21K edged up to Dh428.00 and 18K to Dh367.00.
For comparison, 24K gold was Dh480.75 on Thursday, Dh478.50 on Wednesday, Dh480.25 on Tuesday, and Dh482.50 on Monday. The week’s prices reveal small but steady fluctuations, driven largely by shifting global sentiment over economic stability and currency movements.
Global gold market
In international markets, spot gold rose 0.7% to $4,005.21 per ounce by late Friday trading, while US gold futures settled 0.5% higher at $4,009.80. The rise followed a decline in the US dollar index, making gold more affordable for holders of other currencies.
Markets were also influenced by lingering concerns over a potential US government shutdown and weaker private jobs data signalling a slowdown in the American labour market. These factors boosted safe-haven demand for gold, traditionally viewed as a hedge in uncertain times.
Other precious metals
Other precious metals also moved higher. Silver gained 0.9% to $48.41 per ounce, platinum inched up 0.1% to $1,543.00, and palladium advanced 1.5% to $1,395.49. However, despite the day’s lift, all three metals recorded weekly losses amid continued market volatility.
China’s new approach to rare earth export licensing and persistent trade tensions added another layer of uncertainty to global metals markets. Meanwhile, India’s gold demand remained subdued as fluctuating prices prompted dealers to offer discounts to attract buyers.
As the week ends, Dubai’s gold trade remains buoyed by the global uptrend, with investors closely monitoring policy cues and currency movements that continue to shape bullion’s performance.