Dubai gold rises after 4-day slide with 24K at Dh495.75
Silver edges higher while global precious metals remain under pressure
DUBAI – Dubai's gold market ended the week with higher retail prices after recovering from Thursday's decline, although the precious metal remained under pressure globally amid growing expectations of higher US interest rates.
The latest rates issued by the Dubai Jewellery Group showed gains across key jewellery categories.
The rebound came as international bullion prices continued to face headwinds from a stronger dollar, rising oil prices and escalating geopolitical tensions in the Gulf.
Dubai gold rates
According to the Dubai Jewellery Group's suggested retail prices for Friday, 24K gold rose to Dh495.75 per gram, up from Dh493.25 on Thursday. The 22K rate increased to Dh459.00 from Dh456.75, while 18K climbed to Dh377.25 compared with Dh375.25 a day earlier.
Despite Friday's increase, gold remains below levels seen earlier this week. On Wednesday, 24K gold stood at Dh497.00 per gram before easing to Thursday's level. Tuesday's rate was Dh497.25, while Monday recorded the week's highest price at Dh501.00 per gram. Over the five trading days, 24K gold has fallen by Dh5.25 from Monday despite Friday's recovery.
The same trend was reflected across other categories. The 22K price moved from Dh464.00 on Monday to Dh459.00 on Friday, while 18K slipped from Dh381.25 to Dh377.25 over the same period.
Global markets
Internationally, spot gold edged 0.1 percent lower to $4,115.79 per ounce on Friday, putting the metal on course for a weekly decline of around 1.4 percent. US gold futures for August delivery also eased to $4,124.90 per ounce.
Market sentiment has been shaped by the latest military exchanges between the United States and Iran, including attacks on US military infrastructure in Gulf states following American strikes on Iranian targets. The heightened tensions have kept attention on the Strait of Hormuz, a vital global energy shipping route, while higher oil prices have reinforced concerns that inflation could remain elevated.
Those developments have strengthened expectations that the US Federal Reserve could raise interest rates again this year. Higher borrowing costs and a firmer US dollar generally reduce the appeal of non-yielding assets such as gold, even though the metal is widely regarded as a hedge against inflation. HSBC has also lowered its average gold price forecasts for 2026 and 2027, citing increasingly hawkish US monetary policy expectations.
In Asia, physical gold demand remained mixed. Indian dealers widened discounts as price volatility discouraged jewellery purchases, while demand in China stayed relatively steady, supported by continued central bank gold buying and expanding bullion infrastructure.
Other precious metals
Silver outperformed gold during Friday's session, with spot prices rising 0.3 percent to $60.19 per ounce, although the metal was still heading for a weekly decline.
Platinum gained 1.4 percent to $1,632.99 per ounce, while palladium advanced 1.9 percent to $1,270.54. All three precious metals remained on course to finish the week lower despite the day's gains.