Dubai gold rates surge to 10-day high with 22K at Dh375.25
Expats weigh jewellery purchases before summer holidays
DUBAI: Gold shoppers in Dubai woke up to a sharp spike in rates on Thursday, with 24-carat gold climbing Dh3.75 to Dh405 per gram – the highest level recorded in the last 10 days.
The 22-carat variant now trades at Dh375.25, also up Dh3.5 from the previous close. This marks the first time since June 2 that gold has crossed this threshold, reflecting broader global movement in bullion markets.
Retailers confirm the jump has pushed gold into a price-sensitive zone for many resident buyers, particularly those considering jewellery purchases ahead of travel back home for summer. The 21K and 18K variants also rose, hitting Dh359.75 and Dh308.25 respectively.
Global push
The Dubai surge mirrors global gold prices, which spiked as geopolitical concerns grew and the dollar weakened. Spot gold rose 1.40 percent to $3,371.45 per ounce, while US gold futures climbed 1.41 percent to $3,390.87. Traders are watching closely as bullion edges toward the critical $3,400 level.
Analysts note the recent movement follows a steady $50 increase, driven largely by safe-haven buying and expectations of Federal Reserve rate cuts following soft US inflation data. A further upward push could test gold’s record high of $3,500 reached in April.
Price resistance
Despite the uptick, market insiders suggest price resistance could kick in, especially with 22K rates breaching Dh370. In comparison, Saudi gold currently stands at Dh380 for 22K, while India’s market quotes one tola (12 grams) above Rs107,440.
Gold retailers in Dubai are hoping for a correction similar to early June, when prices briefly spiked before easing back under Dh370. Until then, buyers may remain cautious amid the ongoing volatility.
Market watch
Elsewhere in the precious metals market, silver rose 0.46 percent to $36.39 per ounce, platinum gained 1.53 percent to $1,275.10, while palladium slipped 1.05 percent to $1,068.75.