Dubai gold climbs to Dh514 as 24K extends week’s biggest gain
Silver approaches fresh record as industrial demand boosts momentum
DUBAI – Dubai’s retail gold prices edged higher on Friday, with 24K reaching Dh514 per gram according to the Dubai Jewellery Group.
The increase places today’s rate noticeably above Thursday’s Dh507.75 and extends a steady upward trend seen throughout the week.
Prices have now climbed from Wednesday’s Dh506.75, Tuesday’s Dh504.50 and Monday’s Dh507.00, marking a varied but overall positive trajectory for the market.
Dubai gold market
Alongside 24K, today’s 22K stands at Dh476, up from Dh470 on Thursday and Dh469.25 on Wednesday. The 21K rate rose to Dh456.50, compared with Dh450.75 a day earlier. Meanwhile, 18K moved to Dh391.25 after holding Dh386.25 on Thursday, and 14K increased to Dh305.25 from Dh301.25. These advances reflect steady buying interest as global conditions support stronger bullion prices.
Global gold trends
Spot gold hovered near a seven-week high at $4,270.89 per ounce, easing 0.3% in early Friday trade but still set for a 1.8% weekly gain. The metal touched its strongest level since late October after the US Federal Reserve reinforced expectations of further rate cuts next year. US gold futures held at $4,302.10, while the dollar tracked a third weekly decline, enhancing affordability for non-US buyers.
Other precious metals
Silver remained a highlight of the week, trading at $63.57 per ounce after Thursday’s record $64.31 and heading for a 9.2% weekly rise. The metal has more than doubled this year amid firm industrial consumption, falling inventories and its inclusion on the US critical minerals list. Platinum held steady at $1,695.06, and palladium rose to $1,507.28, with both positioned for weekly gains.