Dubai gold drops Dh10.50 in 24K as weekly volatility widens
Precious metals climb for the week despite Friday’s sharp fall
DUBAI – Dubai’s retail gold prices slipped on Saturday, continuing a volatile week shaped by shifting global signals and pronounced moves in international markets.
The latest figures issued by the Dubai Jewellery Group show declines across all karat categories, setting a different tone from earlier in the week.
The movement follows a sharp global downturn triggered by hawkish US Federal Reserve comments that fuelled a broad market sell-off.
Dubai gold rates
Saturday’s 24K rate stands at Dh492.25 per gram, down from Friday’s Dh502.75 and Thursday’s Dh507.25. The same trend appears across other karats: 22K at Dh455.50 (down from Dh465.50 on Friday), 21K at Dh436.75 (from Dh446.50), and 18K at Dh374.50 (from Dh382.75).
Wednesday’s rates had been slightly higher, with 24K at Dh495.00, 22K at Dh458.25, 21K at Dh439.25, and 18K at Dh376.75. Tuesday showed further firmness at 24K Dh499.25, while Monday recorded the week’s lowest starting point at 24K Dh488.25 before the mid-week rise.
Global gold slide
Internationally, gold dropped 3% on Friday as markets reacted to signals that weakened expectations for a US interest rate cut in December. Spot gold settled at $4,092.72 per ounce, while US gold futures closed at $4,094.20. Despite the downturn, bullion remains up 2.3% for the week. Equity markets experienced similar pressure, amplifying risk-off sentiment.
Traders now see nearly a 46% probability of a December US rate cut, down from earlier in the week. The end of the prolonged US government shutdown left key economic data gaps, limiting visibility for policymakers and markets. Physical gold demand across major Asian markets also stayed muted.
Other precious metals
Silver eased to $50.84 per ounce but is up 5.2% for the week. Platinum slipped to $1,547.30, while palladium dropped to $1,387.25, with both metals still higher across the week.