Dubai gold hits Dh440.5 as global bullion nears $3,700
Silver reaches 2011 peak, platinum and palladium also strengthen
DUBAI – Dubai gold prices moved higher on Friday morning, holding above key levels for another session.
According to Dubai Jewellery Group, 24-karat gold opened at Dh440.5 per gram, while 22-karat held steady at Dh408. The 21-karat price stood at Dh391 and 18-karat at Dh335 per gram. This marked the sixth straight day that 22-karat remained above Dh400 in the emirate’s retail market.
In comparison, gold prices in India also advanced, with 24-carat quoted around INR11,127 per gram and 22-carat at INR10,200. Across the Gulf, shoppers tracked similar gains in Saudi Arabia, Oman, Qatar, Bahrain, and Kuwait.
What’s happening globally?
Global bullion markets mirrored Dubai’s upward trajectory. Spot gold climbed 0.6% to $3,654.37 per ounce as of early Friday trading, close to the record $3,673.95 reached earlier this week. Futures for December delivery were higher at $3,692.80. Gold is heading for a fourth consecutive weekly gain, up 1.9% so far this week, supported by expectations of a US Federal Reserve rate cut.
Reports suggested the Fed is likely to reduce its benchmark interest rate by 25 basis points next Wednesday, with a slim chance of a deeper 50-point move. Data released on Thursday showed US consumer prices rose 0.4% in August, while jobless claims jumped to 263,000 last week, pointing to labour-market softening.
Other precious metals
Silver rallied to $42.04 per ounce, its highest since 2011. Platinum added 0.7% to $1,388.85, while palladium edged up 0.8% to $1,197.52. All three metals were on course for a weekly rise, boosted by global market momentum.
Gold itself has surged 39% this year, outpacing equity benchmarks such as the S&P 500, while central-bank purchases and investor inflows into exchange-traded funds added further strength. The yellow metal has not only set fresh nominal records this week but has also surpassed its inflation-adjusted peak from more than four decades ago.