Dubai gold slips for second day, 24K now at Dh402.25
Global spot gold remains flat, eyes weekly decline
DUBAI’s gold prices slipped again on Friday, continuing their gradual retreat after Tuesday’s spike.
The 24K rate is now Dh402.25 per gram, down from Thursday’s Dh402.75 and notably below Tuesday’s Dh405.31.
Rates for 22K also declined to Dh372.25 from Dh372.75, while 21K settled back at Dh357.00, lower than Thursday’s Dh357.50.
The 18K rate fell to Dh305.75 per gram, from Dh306.50 a day earlier.
Global market movements
Globally, gold held steady in early Friday trade, with spot gold unchanged at $3,337.59 per ounce as of 0156 GMT. US gold futures inched 0.1% lower to $3,343.20. Despite the flat performance, bullion is on track for a 0.5% weekly drop, weighed down by a firmer dollar and strong US economic signals.
The dollar edged 0.1% lower on the day but is heading for its second consecutive weekly rise. A stronger greenback typically makes dollar-priced gold more expensive for buyers using other currencies, dampening demand.
Fed outlook and economic signals
Robust US data reinforced market expectations that the Federal Reserve is unlikely to aggressively ease interest rates. June retail sales jumped 0.6%, reversing May’s 0.9% decline, while initial jobless claims dropped to 221,000 – lower than the forecasted 235,000.
These indicators point to a resilient economy, supporting the Fed’s cautious stance. Nonetheless, some officials, like Governor Christopher Waller, have hinted at potential rate cuts by month-end if economic risks escalate. Gold, often favoured in low-rate environments, remains sensitive to such developments.
Precious metals highlights
Among other precious metals, platinum surged 1% to $1,472.20 per ounce – its highest level since August 2014. Palladium followed suit, climbing 1.4% to $1,297.78, the highest since August last year. Meanwhile, silver prices held steady at $38.12.