Dubai gold at fresh high: 24K hits Dh523.75 as global prices soar
Indian premiums soar to decade high ahead of Diwali buying rush
DUBAI – Gold prices in Dubai climbed to new highs on Friday, with the Dubai Jewellery Group quoting 24K at Dh523.75 per gram, up from Dh510 on Thursday and Dh503.50 on Wednesday.
Prices for other variants also advanced – 22K at Dh485.25, 21K at Dh464.75, and 18K at Dh398.75 – marking one of the sharpest midweek rallies this month.
This surge continues a remarkable upward streak for the fifth consecutive day, with 24K gold gaining nearly Dh35 since Monday. Analysts attribute the spike to strong global demand, renewed geopolitical jitters, and growing confidence that the US Federal Reserve will deliver another rate cut before month-end.
Global rally accelerates
Globally, spot gold reached $4,362.39 per ounce, after earlier touching a record $4,378.69, making it the best-performing week in more than 17 years. US gold futures also jumped to $4,375.50, while silver rose to $54.41 per ounce, tracking the same momentum.
Gold’s performance was underpinned by credit concerns in US regional banks, ongoing US–China trade frictions, and fears of a prolonged US government shutdown. Federal Reserve Governor Christopher Waller reinforced expectations of another 25-basis-point rate cut, while President Donald Trump’s latest tariff stance and comments from Treasury Secretary Scott Bessent added to market volatility.
The result has been a powerful shift toward gold as investors seek safety from risk assets. The metal has now risen over 66% year-to-date, boosted by central bank buying, ETF inflows, and de-dollarisation trends.
Asia’s soaring demand
Across Asia, festive buying has magnified gold’s ascent. In India, spot prices surged to a record ₹131,699 per 10 grams, while local dealers charged premiums up to $25 per ounce – the highest in over a decade. Jewellers in Mumbai reported strong stocking of smaller coins and bars ahead of Dhanteras and Diwali, when gold purchases are considered auspicious.
In China, bullion traded at discounts of $20 to $66 per ounce below global benchmarks, though traders noted a rebound in physical demand. Meanwhile, Hong Kong and Singapore saw narrow premiums around $1.30, and Japan reported steady investor buying at a small markup.
Elsewhere, platinum stood at $1,706.45, down 0.4%, while palladium gained 0.3% to $1,618.95 – both metals heading for solid weekly gains amid the broader precious metals rally.