Dubai gold up 3.75 to Dh554 per gram while bullion trades near $4,600
Silver, platinum and palladium hold elevated levels after recent peaks
DUBAI – Dubai gold prices advanced on Tuesday, as the local retail market tracked the sharp rally seen in global bullion during the previous session.
Rates published by the Dubai Jewellery Group showed all major carats moving higher from Monday, extending the upward momentum built after gold touched new international records.
The gains came even as global prices steadied below the $4,600 per ounce level, with investors digesting geopolitical and economic developments.
Dubai gold rates
The latest retail gold prices in Dubai on Tuesday are:
- 24K: Dh554.00 per gram
- 22K: Dh513.00 per gram
- 21K: Dh491.75 per gram
- 18K: Dh421.50 per gram
- 14K: Dh328.75 per gram
On Monday, the corresponding rates stood at Dh550.25 for 24K, Dh509.50 for 22K, Dh488.75 for 21K, Dh418.75 for 18K and Dh326.75 for 14K. This means 24K gold rose by Dh3.75 per gram day on day, while 22K gained Dh3.50, 21K increased by Dh3.00, 18K was up Dh2.75 and 14K added Dh2.00.
Global markets
Internationally, gold was trading just below its historic peak after a dramatic rally on Monday. Spot gold was quoted at $4,593.81 per ounce, while US gold futures for February delivery eased to $4,602.70. The previous session saw bullion surge more than 2% to reach an all-time high of $4,629.94 per ounce, reflecting intense demand for safe-haven assets.
Market attention remained fixed on political and economic developments in the United States and the Middle East. The Trump administration opened a criminal investigation into Federal Reserve Chair Jerome Powell, a move that unsettled currency and equity markets and pushed investors towards precious metals.
At the same time, Washington announced that any country continuing to do business with Iran would face a 25% tariff on trade with the US, heightening global trade and geopolitical tensions. The situation was further complicated by the US move against Venezuelan President Nicolas Maduro and renewed discussions around Greenland.
Other precious metals
Other precious metals also remained elevated after reaching record levels earlier in the week. Spot silver rose 0.6% to $85.42 per ounce, having touched an all-time high of $86.22 on Monday. Platinum slipped 0.7% to $2,327.43 per ounce, after hitting a record $2,478.50 in late December, while palladium fell 1.4% to $1,817.21 per ounce.