Dubai gold holds above Dh550 as 24K records weekly gain
Silver and platinum retreat after sharp weekly rallies
DUBAI – Dubai gold prices moved higher on Friday, with retail jewellery rates edging up compared to Thursday, according to the Dubai Jewellery Group.
The increase comes after a volatile week that saw midweek highs followed by a pullback in global bullion markets. Despite softer international prices on Friday, local rates remained supported by earlier gains.
Dubai gold rates
On Friday, January 16, 24K gold was priced at Dh554.25 per gram, up from Dh553.00 on Thursday. The rise follows a sharp correction on Wednesday, when 24K stood at Dh558.00, before easing. Earlier in the week, prices were lower, with 24K gold at Dh554.00 on Tuesday and Dh550.25 on Monday, marking an overall gain of Dh4 over five sessions.
Other categories also posted modest day-on-day gains. On Friday, 22K gold was priced at Dh513.25 per gram, compared with Dh512.25 on Thursday, Dh516.75 on Wednesday, Dh513.00 on Tuesday and Dh509.50 on Monday.
21K gold rose to Dh492.25, from Dh491.00 a day earlier, after touching Dh495.50 on Wednesday.
18K gold increased to Dh421.75, up from Dh421.00 on Thursday, while 14K gold edged higher to Dh329.00, compared with Dh328.25 the previous day.
Global gold markets
Internationally, gold prices slipped on Friday after stronger-than-expected US economic data boosted the dollar and reduced expectations of near-term interest rate cuts. Spot gold eased to around $4,604 per ounce, though it remained up roughly 2 percent for the week after hitting a record high above $4,640 earlier. US gold futures also traded lower, tracking the stronger greenback.
Geopolitical tensions appeared to cool slightly, with reports indicating protests in Iran had abated since earlier in the week, while US President Donald Trump struck a softer tone on potential military action. Holdings in SPDR Gold Trust rose to their highest level in more than three and a half years, reflecting sustained investor interest.
Other precious metals
Silver retreated to about $90.61 per ounce after touching an all-time high in the previous session, though it remained sharply higher on the week.
Platinum fell to $2,326.36 per ounce, while palladium slipped to $1,754.26, both easing after recent gains.