Dubai gold slips by Dh4.5 as global prices jump 4.6pc
Silver posts its strongest weekly performance in more than a year
DUBAI – Dubai’s retail gold prices eased on Friday, continuing a week of sharp movements across the local market.
The latest figures from the Dubai Jewellery Group showed declines across all purity levels compared with Thursday. The local softness contrasted with global bullion, which extended gains and looked set for a strong weekly finish as the dollar weakened and traders assessed shifting expectations for a December US rate cut.
Dubai gold rates
Friday’s retail gold prices stood at Dh502.75 for 24K, Dh465.50 for 22K, Dh446.50 for 21K, and Dh382.75 for 18K.
These compare with Thursday’s Dh507.25 (24K), Dh469.75 (22K), Dh450.25 (21K) and Dh386.00 (18K).
On Wednesday, rates were Dh495.00 (24K), Dh458.25 (22K), Dh439.25 (21K) and Dh376.75 (18K).
Tuesday’s levels reached Dh499.25 (24K), Dh462.25 (22K), Dh443.25 (21K) and Dh379.75 (18K).
Monday opened the week at Dh488.25 (24K), Dh452.25 (22K), Dh433.75 (21K) and Dh371.75 (18K).
The week thus far has seen price swings of more than Dh14 across 24K jewellery alone.
Global gold markets
Spot gold traded at $4,183.31 per ounce, up 0.3% and heading for a 4.6% weekly rise, supported by a softer dollar. US gold futures stood at $4,185.90.
The dollar index tracked towards its second weekly decline, boosting demand for non-yielding bullion. The shift followed a series of US economic readings and cautious signals from Federal Reserve officials, with traders now pricing in a 51% probability of a December quarter-point cut.
The reopening of the US government after a record 43-day shutdown also fed into market sentiment as data releases resumed.
Other precious metals
Silver advanced to $52.82, putting it on course for its strongest week since September 2024 with a 9.3% gain. Platinum traded at $1,586.80, while palladium edged up to $1,429.80.