Dubai gold jumps Dh2.75 with 24K at Dh607 amid oil and war tensions
Silver strengthens as dollar eases and bullion demand improves
DUBAI – Dubai gold rates opened higher on Tuesday, with prices climbing across all categories compared to Monday, according to the Dubai Jewellery Group.
The increase reflects firm global bullion prices as investors weigh geopolitical tensions and upcoming central bank decisions.
Gains were modest but consistent, tracking movements in international markets and currency shifts.
Dubai gold rates
On Tuesday, 24K gold rose to Dh607 per gram, up from Dh604.25 on Monday. Similarly, 22K increased to Dh562 from Dh559.50, while 21K reached Dh539 compared to Dh536.50.
Lower purities also moved up, with 18K at Dh462 against Dh459.75, and 14K at Dh360.25 from Dh358.75.
The upward movement in Dubai aligns closely with global price trends, where gold maintained its strength amid cautious investor sentiment. Retail rates continue to mirror international benchmarks while factoring in local demand and currency dynamics.
Global trends
In international markets, spot gold edged up 0.2% to $5,013.71 per ounce, while US futures rose to $5,018.10. The metal’s performance comes as investors assess the economic implications of tensions involving Iran and the strategic importance of the Strait of Hormuz.
Comments from Iranian officials suggested the waterway remains accessible under certain conditions, easing immediate fears of prolonged disruption. However, oil prices held above $100 per barrel, reflecting continued supply concerns tied to the conflict and its impact on global trade flows.
The role of the Federal Reserve remains central, with markets widely expecting rates to stay unchanged in the upcoming policy decision. Interest rate expectations continue to influence gold’s appeal, as higher rates typically reduce demand for non-yielding assets.
Other precious metals
Silver also moved higher, gaining 0.3% to $80.97 per ounce, signalling broader strength across precious metals. Platinum rose 0.9% to $2,133.93, while palladium slipped 0.2% to $1,595.75.
Movements in these metals highlight ongoing volatility driven by geopolitical developments, oil price fluctuations, and currency adjustments, particularly involving the US dollar, which softened slightly after recent gains.