Dubai gold advances midweek as silver surges past $65
Platinum hits multi-year high, palladium steadies
DUBAI – Dubai gold prices moved higher on Wednesday, extending gains from earlier in the week as global bullion strengthened.
Rates issued by the Dubai Jewellery Group showed increases across all major purities compared with Tuesday, and mostly above Monday’s close. The local market tracked a broader rally in precious metals after weaker US labour data pressured the dollar and revived rate-cut expectations.
Dubai gold prices
On Wednesday, retail gold prices in Dubai stood at Dh521.75 per gram for 24K, Dh483.00 for 22K, Dh463.25 for 21K, Dh397.00 for 18K, and Dh309.75 for 14K.
This marked a clear rise from Tuesday, December 16, when prices were Dh516.75 (24K), Dh478.50 (22K), Dh458.75 (21K), Dh393.25 (18K) and Dh306.75 (14K) per gram. Compared with Monday, December 15, when 24K closed at Dh518.25, Wednesday’s rate was also higher, while gains were recorded across the remaining purities from Monday’s Dh480.00 (22K), Dh460.25 (21K), Dh394.50 (18K) and Dh307.75 (14K).
Global gold rates
Internationally, gold edged higher in early Wednesday trade, supported by softer US jobs data that lifted expectations of further monetary easing. Spot gold rose to around $4,322 an ounce, while US gold futures traded near $4,352. The dollar hovered close to recent lows, making bullion more attractive to non-US buyers.
Other precious metals
Silver outperformed, surging past $65 an ounce for the first time, with spot prices touching fresh record highs during the session. The rally followed data showing the US unemployment rate rising to 4.6 percent in November, above market expectations, reinforcing the appeal of non-yielding assets.
Elsewhere in the precious metals complex, platinum climbed to $1,896.40, its highest level in more than 14 years, while palladium held near $1,602.60 after touching a two-month high earlier in the session.