Dubai gold drops Dh1.75 as global prices hover near $3,674
Silver at strongest level since 2011, platinum and palladium also climb
DUBAI – Dubai gold prices slipped on Saturday compared with the previous day, according to figures released by the Dubai Jewellery Group.
The decline comes even as international bullion values remain near historic highs, driven by speculation around US interest rates and political developments.
Dubai gold prices
Retail gold jewellery in Dubai was priced at Dh438.75 per gram for 24K, down from Friday’s Dh440.50. The 22K category stood at Dh406.25, compared with Dh408.00 a day earlier.
Prices for 21K eased to Dh389.75 from Dh391.00, while 18K slid to Dh334.00 from Dh335.00.
Global market focus
Globally, spot gold was trading at $3,648.55 per ounce on Friday afternoon, close to Tuesday’s record of $3,673.95. US gold futures for December settled at $3,686.40. Bullion has advanced 1.7% this week and is heading for a fourth consecutive weekly gain.
Expectations of a US Federal Reserve rate cut next week continue to dominate market sentiment. Weak jobs data has reinforced those views, while consumer prices posted their sharpest monthly increase in seven months. Political pressure has also added to the debate, with President Donald Trump reportedly pushing for deeper cuts and attempting to influence Fed decisions.
Other precious metals
Silver reached $42.26 per ounce, its highest level in 14 years. Platinum rose 1.2% to $1,395.05, and palladium climbed 1.3% to $1,202.93. All three metals were set for weekly gains, extending momentum that has lifted precious metals across the board.