Dubai gold gains nearly Dh8 in one day
Silver tracks global precious metals recovery
DUBAI – Dubai gold prices moved higher on Saturday, with 24K rising to Dh607.50 per gram, according to rates published by the Dubai Jewellery Group.
The increase follows a volatile week in which prices swung sharply in response to global market cues. Saturday’s rebound places local rates back above Thursday’s levels after a brief dip.
On Saturday, retail rates stood at Dh607.50 for 24K, Dh562.50 for 22K, Dh539.25 for 21K, Dh462.25 for 18K and Dh360.50 for 14K gold.
Dubai gold rates this week
Friday saw 24K priced at Dh599.75, marking a Dh7.75 increase into Saturday. On Thursday, 24K had reached Dh610.75, the week’s highest level so far, before retreating. Earlier in the week, 24K was Dh608.25 on Wednesday and Dh606.50 on Tuesday. On Monday, rates were identical to Saturday’s level at Dh607.50.
Across categories, Saturday’s gains mirrored the 24K rise. The 22K rate increased by Dh7.25 from Friday, while 21K added Dh6.75. Lower purities also registered steady gains.
Global gold markets
Internationally, spot gold rose 0.7% to $4,951.90 per ounce by 1158 GMT on Friday, though it remained down 0.1% for the week. US gold futures for April delivery climbed 0.5% to $4,971.70 per ounce. The rebound followed Thursday’s near one-week low, when prices fell about 3% and slipped below $5,000 per ounce amid strong US jobs data showing 130,000 new positions in January, above expectations of 70,000.
Investors were watching upcoming US inflation data for signals on the Federal Reserve’s rate outlook. Gold typically benefits in lower interest rate environments.
Demand trends in Asia have also shaped sentiment. China recorded firm buying ahead of the Lunar New Year, while in India gold traded at a discount this week as volatile prices curbed demand.
Silver surge
Spot silver climbed 2.7% to $77.18 per ounce, recovering from an 11% slide in the previous session, though it remained on track for a weekly loss of 0.8%.
Platinum edged up 0.3% to $2,008.96, while palladium gained 1.1% to $1,633.75, with both metals still set for weekly declines.