Dubai gold hits Dh486.25 for 24K as global prices soar past $4,000
Silver and palladium gain while platinum dips in mixed metal trading
DUBAI – Gold prices in Dubai continued their upward streak on Thursday, aligning with global trends that saw spot gold stabilise above $4,000 per ounce.
According to the Dubai Jewellery Group, 24K gold was priced at Dh486.25 per gram, up from Dh485.25 on Wednesday. The 22K variant reached Dh450.50, while 21K stood at Dh431.75 and 18K at Dh370.25.
The week began with 24K gold at Dh474.50 on Monday, moving to Dh479.25 on Tuesday and Dh485.25 on Wednesday, before today’s rise marked its highest point yet this week. The steady climb mirrors global sentiment driven by market anticipation of US rate cuts and a shift in geopolitical tensions.
Global market momentum
Gold has now surged 54% year-to-date, buoyed by central bank buying, strong demand for gold-backed ETFs, and the persistent allure of safe-haven assets amid political and economic uncertainty.
Globally, spot gold held at $4,037.95 per ounce as of 04:39 GMT after briefly dipping 0.5% earlier in the session. The metal had touched a record high of $4,059.05 on Wednesday, marking the first time it surpassed the $4,000 level. Meanwhile, US gold futures for December delivery edged down 0.3% to $4,056.80.
Minutes from the US Federal Reserve’s September meeting revealed growing concerns about the labour market, prompting expectations of rate cuts in October and December, with probabilities of 94% and 79%, respectively, according to the CME FedWatch tool.
The optimism followed an easing of Middle East tensions, with Israel and Hamas reportedly agreeing to the first phase of a ceasefire and hostage deal under Donald Trump’s peace plan, sparking a sense of relief in global markets.
Precious metals mixed
Among other precious metals, silver rose 0.2% to $48.98 per ounce, following a record $49.57 on Wednesday. Platinum slipped 0.4% to $1,656.35, while palladium gained 1.5% to $1,471.46.