Dubai gold rises Dh8.25 as 24K reaches Dh526.25 per gram
Silver advances as precious metals track shifting global market signals
DUBAI – Dubai gold prices moved higher on Friday, with all three key jewellery rates rising from Thursday and extending gains over the previous trading sessions.
The Dubai Jewellery Group’s suggested retail prices put 24K gold at Dh526.25 per gram, while 22K reached Dh487.25 and 18K stood at Dh400.50.
The latest move comes as international bullion prices strengthened, supported by a softer US dollar and lower oil prices despite continuing uncertainty around US monetary policy and the Middle East.
Dubai gold rates
The 24K rate rose Dh8.25 from Dh518.00 on Thursday, while 22K gained Dh7.75 from Dh479.50 and 18K increased Dh6.25 from Dh394.25.
Compared with Wednesday, when 24K was Dh520.75, the latest rate is Dh5.50 higher. The 22K price has gained Dh5.00 from Dh482.25, while 18K is up Dh4.25 from Dh396.25.
The gains are also visible against Tuesday and Monday levels. From Tuesday’s Dh518.75 for 24K, Friday’s price is Dh7.50 higher, while 22K has risen Dh6.75 from Dh480.50 and 18K has added Dh5.75 from Dh394.75. Compared with Monday’s Dh521.75 for 24K, the latest rate is Dh4.50 higher. The corresponding increases for 22K and 18K are Dh4.00 and Dh3.50.
Global markets
Internationally, spot gold was reported at $4,365.66 an ounce, up 2.37%, as falling oil prices and a subdued dollar provided support.
The move follows a turbulent week for bullion after the US Federal Reserve raised its benchmark interest rate by 25 basis points on Wednesday to a range of 3.75% to 4%. The Fed also indicated that another increase could come later this year, keeping monetary policy firmly in focus. Higher rates can weigh on non-yielding gold by making interest-bearing assets more attractive.
Gold has nevertheless found support from wider market uncertainty. Trump said on Friday that Iran wants a deal with Washington but is not yet ready to accept the terms he is seeking, while developments around the conflict continue to affect regional energy and shipping markets.
Traffic through the Strait of Hormuz also remains sharply reduced. Reuters reported that only four commodity vessels crossed the strategic waterway on Thursday, well below the recent 10-day average of about 16.
Oil prices, meanwhile, fell by about 1% in the latest market move, easing some inflation concerns.
Other precious metals
Silver also moved higher, with spot silver rising 0.7% to $65.61 an ounce and heading for a weekly gain. Platinum advanced 1% to $1,785.80, while palladium added 0.2% to $1,294.41.