Dubai gold rates drop to Dh403.25 for 24K, lowest since Monday
Asia gold trade mixed as festival season demand emerges
DUBAI’s gold market opened Friday with 24-karat priced at Dh403.25 per gram, marking its lowest level this week after a steady decline from Monday’s Dh406.75.
The 22K rate stood at Dh373.50, 21K at Dh357.75, and 18K at Dh307.00.
On Thursday, 24K was Dh405.00, with 22K at Dh375.00, 21K at Dh359.50, and 18K at Dh308.25. Wednesday’s session closed with 24K at Dh404.00, 22K at Dh374.00, 21K at Dh358.75, and 18K at Dh307.50. On Tuesday, 24K was Dh404.25, 22K at Dh374.50, 21K at Dh359.00, and 18K at Dh307.75.
Asia market trends
In India, gold prices closed at 99,838 rupees ($1,139.61) per 10 grams on Thursday, down from last week’s record high of 102,250 rupees. Dealers offered discounts of up to $6 per ounce to official domestic prices, compared with up to $9 last week, as festival season buying picked up ahead of Dussehra and Diwali.
In China, bullion traded between a $7 discount and a $6 premium over global spot prices, reflecting subdued demand amid high prices and the absence of new import quotas. Hong Kong saw gold selling at par to a $1.60 premium, Singapore at par to a $2 premium, and Japan at a $0.50 discount.
Global gold market
Spot gold rose 0.4% to $3,348 per ounce by 0506 GMT on Friday, although it was on track for a 1.5% weekly decline following stronger-than-expected US inflation data. US gold futures for December delivery gained 0.3% to $3,394.30.
The dollar index fell 0.2%, offering some support to bullion. US producer price index data showed a 3.3% year-on-year rise in July, dampening expectations for a 50-basis-point Federal Reserve rate cut in September. While consumer prices increased only slightly, the stronger wholesale inflation figures tempered hopes for aggressive monetary easing.
Other precious metals
Elsewhere in precious metals, spot silver gained 0.2% to $38.05 per ounce, platinum slipped 0.3% to $1,352.99, and palladium edged 0.2% lower to $1,143.30.