Dubai gold jumps Dh5.50 as global bullion tops $5,174
Silver climbs near $89 as precious metals track global shifts
DUBAI – Dubai gold prices climbed on Tuesday, with rates rising across all major jewellery categories compared with yesterday’s levels.
The increase comes as global bullion markets strengthened on a weaker US dollar and easing oil prices following geopolitical developments in the Middle East.
Precious metals also gained support as investors assessed inflation expectations and upcoming US economic data.
Dubai gold rates
According to the Dubai Jewellery Group, the suggested retail price for 24K gold on Tuesday stood at Dh623.00 per gram, up from Dh617.50 on Monday, marking a Dh5.50 increase.
22K gold rose to Dh576.75 per gram, compared with Dh571.75 a day earlier.
21K gold increased to Dh553.00, up from Dh548.25.
18K gold moved to Dh474.00, compared with Dh470.00 on Monday.
Meanwhile, 14K gold climbed to Dh369.75 per gram, up from Dh366.50.
The steady rise reflects movements in global bullion markets where investors have been reacting to currency fluctuations and geopolitical signals influencing energy prices and inflation expectations.
Global gold markets
Internationally, spot gold rose 0.7% to $5,174.49 per ounce during early trading on Tuesday. US gold futures for April delivery climbed 1.6% to $5,184 per ounce.
The gains followed a 0.4% drop in the US dollar, making dollar-priced bullion cheaper for investors holding other currencies. A softer greenback typically supports demand for gold, which does not yield interest but is widely used as a hedge against economic uncertainty and currency weakness.
Gold had declined by as much as 2% on Monday, as surging oil prices heightened fears of rising inflation and reduced expectations of a near-term interest rate cut by the US Federal Reserve.
Markets are closely monitoring developments linked to the Middle East conflict. US President Donald Trump indicated that the war could end soon, triggering a sharp retreat in oil prices after they surged to $119 per barrel earlier in the week.
Energy markets had been rattled by concerns that Iran could attempt to block tanker traffic through the Strait of Hormuz, a critical route that carries about one-fifth of the world’s oil supply. The conflict has already disrupted shipping in the strait, leaving tankers stranded and forcing some producers to pause output as storage facilities fill.
Lower energy prices could ease inflation pressures, a factor that typically benefits gold as expectations for higher interest rates soften.
Investors are also awaiting key US inflation data, including the consumer price index for February and the Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation gauge.
Other precious metals
In the broader precious metals market, spot silver rose 2% to $88.73 per ounce, while platinum gained 0.7% to $2,196.35.
Palladium edged 0.3% lower to $1,685.01, reflecting mixed sentiment across industrial metals as global markets track currency movements, energy prices and geopolitical developments.