Dubai gold surges to Dh510 as global prices hit record $4,241
Silver, platinum and palladium follow gold’s upward trend
DUBAI – Dubai’s gold prices continued their upward march on Thursday, reaching Dh510 per gram for 24K, up from Dh503.50 on Wednesday, according to data from the Dubai Jewellery Group.
The rise marks the fourth straight day of gains this week, tracking the global rally that has seen gold hit new record highs.
For 22K gold, prices stood at Dh472.25, compared to Dh466.25 the previous day. Meanwhile, 21K was priced at Dh452.75, up from Dh447, and 18K gold rose to Dh388.25, compared with Dh383.25 on Wednesday.
Earlier this week, Dubai’s 24K gold was Dh502.50 on Tuesday and Dh488.75 on Monday, showing a steady climb of over Dh21 per gram since the start of the week.
What’s driving gains?
Globally, spot gold touched an all-time high of $4,241.77 per ounce on Thursday, rising for a fifth consecutive session, while US gold futures for December increased 1.2% to $4,253.70. The rally has been fuelled by escalating US-China trade tensions, ongoing federal government shutdown concerns in Washington, and expectations of interest rate cuts by the US Federal Reserve.
US officials criticised China’s new export restrictions on rare earths, describing them as a threat to global supply chains. Meanwhile, both countries introduced reciprocal port fees earlier this week, adding to market uncertainty. The situation has been further amplified by Washington’s readiness to tariff China over Russian oil purchases if European allies join in.
The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, reported holdings rising to 1,022.6 tons, their highest level since mid-2022. Analysts project that gold could reach $4,400 per ounce by the end of 2025, supported by robust demand from central banks and investors seeking safety amid global volatility.
Other precious metals
Other precious metals also extended gains. Spot silver edged up to $53.17 per ounce after touching a record $53.60 earlier in the week. Platinum climbed to $1,671.65, while palladium advanced to $1,548.75.