Dubai gold surges over Dh8 across categories as prices climb
Global gold hovers near $3,652 per ounce on weaker dollar
DUBAI – Gold prices in Dubai scaled fresh heights on Tuesday, with the Dubai Jewellery Group showing a sharp jump across all categories compared with Monday’s levels.
As of 9 September, 24K gold was priced at Dh440.50 per gram, up from Dh431.50 on 8 September. The 22K category rose to Dh408.00 per gram, compared with Dh399.75 a day earlier. For 21K, the price climbed to Dh391.00 from Dh383.25, while 18K increased to Dh335.00 from Dh328.25.
The rapid rise reflects strong investor appetite, aided by international trends pushing bullion higher.
Global movement
On the global stage, spot gold advanced 0.5% to $3,651.96 per ounce at 0430 GMT, while US gold futures for December delivery were up 0.4% at $3,690.90. Analysts noted that a weaker dollar and sliding bond yields have enhanced the metal’s appeal, with investors betting heavily on an imminent Federal Reserve rate cut.
The dollar index slipped to a nearly seven-week low, while the US 10-year Treasury yield touched a five-month low, both factors contributing to stronger demand for gold.
Rate cut bets
Markets are now pricing in an 89.4% chance of a 25-basis-point cut at the Fed’s upcoming meeting, with a smaller 10.6% probability for a larger 50-basis-point cut. Recent data showing slowing US job growth and a higher unemployment rate of 4.3% have strengthened expectations.
Elsewhere, the European Central Bank is likely to hold rates this week, while traders await fresh US producer and consumer price data that could further influence policy expectations.
Gold has already surged 38% in 2025, after gaining 27% last year, propelled by central bank buying, dovish monetary signals, and global economic uncertainties. Silver stood at $41.36 per ounce, platinum at $1,393.95, and palladium at $1,142.73.