Dubai gold rises as global prices hover near $4,000
Silver trades near record high as investors flock to metals
DUBAI – Gold prices in Dubai recorded another rise on Saturday, extending the week’s overall gains as global prices held close to the $4,000-per-ounce threshold amid renewed tariff tensions.
According to the Dubai Jewellery Group, 24K gold was priced at Dh484.25 per gram today, compared to Dh478.25 on Friday.
Prices for 22K gold stood at Dh448.25, 21K at Dh429.75, and 18K at Dh368.50. The week began on a lower note at Dh474.50 for 24K on Monday, rising through the week with Tuesday at Dh479.25, Wednesday at Dh485.25, and Thursday peaking at Dh486.25.
The fluctuations reflected both local demand and international sentiment tied to US-China trade concerns.
Global market trends
In global markets, spot gold hovered around $3,989.49 per ounce by late Friday after briefly crossing the $4,000 milestone for a second time this week. The metal logged a 2.7% weekly gain, while US gold futures for December delivery settled at $4,000.40. The rally was largely driven by US President Donald Trump’s warning of potential new tariffs on Chinese imports, which spurred a fresh rush to safe-haven assets.
Gold also reached a record high of $4,059.05 on Wednesday, supported by expectations of US Federal Reserve rate cuts and concerns over political instability in France and the United States. The US dollar slipped 0.5%, making bullion cheaper for overseas buyers and further supporting demand.
Other precious metals
Silver mirrored gold’s upward momentum, trading at $50.13 per ounce, just below its record $51.22 reached on Thursday. It has surged over 73% since the start of the year, boosted by supply concerns and industrial demand. On Comex, silver futures for December stood at $47.32.
Among other metals, platinum fell 1.4% to $1,596.55, recording a weekly loss, while palladium eased 0.3% to $1,406.87 but ended the week with a strong 12.6% gain, supported by auto-sector demand and tightening supply dynamics.