Dubai gold hits Dh409.25 as US futures set record high
Weekly gains seen across all carat categories in local market
DUBAI gold prices extended their rally on Saturday, with 24K trading at Dh409.25 per gram, up from Dh409 on Friday.
The 22K rate stood at Dh379.00, the 21K at Dh363.50, and the 18K at Dh311.50 – each marking small but steady increases from the previous day.
Over the past week, prices have climbed consistently: Dh409.25 today, Dh409 on Friday, Dh407 on Thursday, Dh406.50 on Wednesday, Dh405.25 on Tuesday, and Dh404.75 on Monday. The 24K category gained Dh4.50 across the week, reflecting robust market sentiment.
What’s happening globally?
Global gold markets closed Friday on a bullish note. Spot gold rose 0.20% to $3,394.14 as of 5:05 GMT, while US gold futures for December delivery advanced 1.13% to $3,492.70 after touching a record $3,534.10 earlier. The rally came after the United States imposed tariffs on 1-kg and 100-ounce gold bar imports, sparking settlement concerns among major banks and pushing the spread between futures and spot to nearly $100.
How are Asian hubs reacting?
In India, gold traded at 102,100 rupees ($1,165.45) per 10 grams, with dealer prices swinging between a $9 discount and a $2 premium per ounce, limiting buying interest. Chinese markets saw parity to a $2 premium over spot, while Hong Kong and Singapore premiums ranged from $1.60 to $2.50. Japan recorded a modest $0.25 premium. Many sellers across Asia took profits after recent record highs.
Friday’s broader market sentiment was lifted by expectations of US interest rate cuts later this year. European shares marked their biggest weekly gain in three months, banking stocks leading the rally. At the same time, oil prices softened amid hopes of a potential Russia-Ukraine truce, adding to shifting investor strategies across commodities.