Dubai gold holds Dh440.25; global bullion nears $3,707 record
UAE jewellery buyers weigh high prices against steady demand
DUBAI – Dubai Jewellery Group listed Thursday’s 24-karat gold at Dh440.25 per gram, lower than Wednesday’s Dh443.75 and Tuesday’s Dh444.00, but higher than Monday’s Dh439.25.
For other purities, 22K stood at Dh407.50, 21K at Dh391.00, and 18K at Dh335.00.
Wednesday had seen 22K at Dh410.75, 21K at Dh393.75, and 18K at Dh337.75, while Tuesday posted 22K at Dh411.25, 21K at Dh394.00, and 18K at Dh338.00. On Monday, the lowest levels of the week were recorded, with 22K at Dh406.75, 21K at Dh390.00, and 18K at Dh334.25.
Dubai’s market continues to mirror global shifts almost instantly due to the dirham’s peg to the US dollar. Local buyers face higher rates compared to India, where 24-karat gold trades at INR11,116 per gram.
Global bullion shift
Global gold prices retreated after a record spike. Spot gold dipped 0.1% to $3,655.10 per ounce in early trade after touching $3,707.40 on Wednesday. US gold futures for December delivery slipped 0.8% to $3,689.80.
The moves followed the Federal Reserve’s quarter-point rate cut, with Fed Chair Jerome Powell signalling a cautious stance on further reductions. Political uncertainty also surrounds the central bank, as President Donald Trump’s clash with Governor Lisa Cook over mortgage fraud allegations continues.
Analysts say geopolitical risks and monetary easing could push gold further, with forecasts of $4,000 to $5,000 per ounce if investor demand accelerates.
Other precious metals
Silver fell 0.7% to $41.37 per ounce, while platinum edged up 0.3% to $1,367.72. Palladium rose 0.6% to $1,160.79.