Dubai gold jumps Dh1.25 to Dh594.50 as global prices rebound
Silver rebounds after sharp 5% slide overnight
DUBAI – Dubai’s gold market ticked higher on Wednesday, with retail rates climbing modestly after a sharp start to the week.
The move comes as global bullion prices rebounded from a one-week low, while investors positioned ahead of the US Federal Reserve’s January policy minutes.
Volatility in international markets, alongside geopolitical developments involving the US, Ukraine and Russia, kept precious metals firmly in focus.
Dubai gold rates
According to the Dubai Jewellery Group, 24K gold was priced at Dh594.50 per gram on February 18, up from Dh593.25 on Tuesday and Dh603.25 on Monday.
The 22K rate rose to Dh550.50, compared with Dh549.25 a day earlier and Dh558.50 at the start of the week.
For 21K, prices reached Dh528.00, against Dh526.75 on Tuesday and Dh535.50 on Monday.
Meanwhile, 18K stood at Dh452.50, up from Dh451.50 and below Monday’s Dh459.00. The 14K category was at Dh353.00, compared with Dh352.25 and Dh358.00 earlier this week.
Global gold markets
Internationally, spot gold climbed 1.2% to $4,934.74 per ounce by 0741 GMT, after falling more than 2% in the previous session. US gold futures for April delivery gained 1% to $4,954. The rebound followed Tuesday’s 2.3% slide, which had pushed bullion to a one-week low.
Markets are awaiting the release of the Federal Open Market Committee’s January minutes at 1900 GMT for signals on the rate outlook. Expectations currently point to a potential rate cut in June, according to CME’s FedWatch tool. Non-yielding bullion typically benefits from a lower interest rate environment.
Geopolitical developments also remained in play. The US and Iran reached an understanding on guiding principles for nuclear talks, while US President Donald Trump pressed Kyiv to move swiftly towards a deal as Ukraine and Russia held US-mediated peace discussions in Geneva.
Other precious metals
Spot silver rose 3.2% to $75.79 per ounce after tumbling more than 5% on Tuesday.
Platinum gained 2.2% to $2,051.55, while palladium advanced 2.3% to $1,722.01, underscoring renewed appetite across the precious metals complex.