Dubai gold rates climb amid global drop in spot gold to $3,298
US data shifts gold outlook globally
DUBAI gold rates moved up slightly on Monday, with 24-carat gold priced at Dh399.25 per gram, marking a Dh0.50 increase from the previous day.
The 22-carat rate climbed Dh0.75 to Dh370.00, while 21-carat rose to Dh353.25 and 18-carat gold reached Dh302.75 per gram.
The gains came despite a dip in global gold prices, indicating local buying strength and alignment with global economic signals.
What influenced the rise?
The local uptick followed a global decline in spot gold, which fell 0.4 percent to $3,298.12 per ounce as of early Monday trading. US gold futures dropped 0.9 percent to $3,317.40, although both have since rebounded to trade above $3,311 and $3,332 respectively. The movement came amid easing US-China trade tensions and strong US economic data that reduced safe-haven demand.
Investors across global markets scaled back expectations of multiple interest rate cuts by the US Federal Reserve. A stronger-than-expected US jobs report showed the addition of 139,000 jobs in May, with the unemployment rate steady at 4.2 percent. This bolstered the dollar and impacted global bullion trends, though Dubai prices remained firm.
How are other metals performing?
While gold moved in a narrow band, spot silver remained flat at $35.97 per ounce. Platinum slipped 0.5 percent to $1,163.64, and palladium held steady at $1,046.18, showing a mixed trend across the broader precious metals segment.