Dubai gold prices hold above Dh400 as global rates near records
Silver, platinum and palladium ease in Thursday’s trading session
DUBAI gold prices continued their upward trend on Thursday, with 22-karat opening at Dh407.25 per gram, holding above the Dh400 level for the fifth consecutive day.
The 24-karat price touched Dh440, while 21-karat stood at Dh391 and 18-karat at Dh335, according to Dubai Jewellery Group data.
Thursday’s rates marked a slight decline from Wednesday, when 24K was Dh439 and 22K stood at Dh406.50. On Tuesday, 24K reached Dh440.50 and 22K was Dh408, nearly matching this week’s peak. At the start of the week on Monday, prices were lower, with 24K at Dh431.50 and 22K at Dh399.75, reflecting a climb of over Dh7 in just three sessions.
Global trends
Globally, spot gold edged down 0.2% to $3,633.97 per ounce by 0411 GMT, after hitting a record $3,673.95 on Tuesday. US gold futures for December delivery slipped 0.3% to $3,671.90. Despite the dip, bullion has risen nearly 40% this year, supported by central bank buying, safe-haven demand and expectations of interest rate cuts.
The US Producer Price Index dropped unexpectedly in August, fuelling bets that the Federal Reserve will lower rates at its meeting next week. Traders are awaiting US consumer inflation figures, due later in the day, to gauge the scale of any monetary easing. The Trump administration’s appeal against a ruling blocking the removal of Federal Reserve Governor Lisa Cook added political intrigue to the economic backdrop.
Other precious metals
Silver slipped 0.1% to $41.10 per ounce, platinum declined 0.2% to $1,383.50, while palladium was steady at $1,173.45.