Dubai gold climbs to Dh507.25 for 24K as global prices hit 3-week high
Silver nears record peak, yen slides to new low against euro
DUBAI – Gold prices in Dubai climbed sharply on Thursday, marking their highest point of the week, in line with a steady global rally.
According to Dubai Jewellery Group data, 24K gold was priced at Dh507.25 per gram, up from Dh495.00 on Wednesday, Dh499.25 on Tuesday, and Dh488.25 on Monday.
The 22K variety stood at Dh469.75, compared to Dh458.25 a day earlier, while 21K was Dh450.25, and 18K reached Dh386.00. Prices have strengthened across all categories through the week, reflecting upbeat momentum in global markets.
Global gold rally
In international trading, spot gold rose 0.2% to $4,207.24 per ounce at 0637 GMT, touching its highest level since October 21. US gold futures for December delivery remained steady at $4,211 per ounce. The metal has now advanced for five straight sessions as investors responded to easing policy expectations and a softer dollar.
Global optimism followed news that US President Donald Trump signed a deal to end the government shutdown, restarting the release of key economic data. Markets anticipate that the Federal Reserve will cut interest rates again by 25 basis points next month to cushion the slowing labour market.
Other precious metals
The wider precious metals complex also saw notable movement. Silver climbed 1.1% to $54.02 per ounce, edging closer to the record peak set on October 17. Platinum slipped 0.1% to $1,612.80, while palladium gained 0.5% to $1,480.59.
Meanwhile, currency markets saw the yen sink to a record low versus the euro, following remarks from Japan’s new prime minister calling for a slower pace of rate hikes.
With gold already up 60% year-to-date, analysts point to continued support from central bank buying, weaker real yields, and ongoing monetary easing, keeping the metal on track for potentially fresh highs above $4,300 per ounce by year-end.