Dubai gold holds near highs with 24K priced at Dh521
Silver shines while platinum and palladium rally
DUBAI – Dubai gold prices edged lower on Friday, with retail rates issued by the Dubai Jewellery Group showing modest declines from Thursday while remaining above early-week levels.
The movement capped a week marked by volatility, mirroring softer global bullion prices after lower-than-expected US inflation data and a firmer dollar.
Retail demand in the UAE continues to track daily adjustments closely as international markets react to macroeconomic cues.
Dubai gold rates
As of Friday, suggested retail prices in Dubai stood at Dh521.00 per gram for 24K gold. The 22K rate was Dh482.50 per gram, while 21K was priced at Dh462.50. For lower purities, 18K gold was listed at Dh396.50 per gram and 14K at Dh309.25.
These figures marked a slight pullback from Thursday, when 24K gold was priced at Dh522.25 per gram and 22K at Dh483.50. On Wednesday, 24K stood at Dh521.75, easing from Tuesday’s Dh516.75 on Tuesday. At the start of the week on Monday, 24K gold was priced at Dh518.25 per gram, highlighting an overall upward bias despite daily fluctuations.
Global gold moves
In international markets, spot gold slipped 0.3% on Friday to $4,318.19 an ounce, while US gold futures eased 0.4% to $4,346.60. Despite the dip, bullion remained on course for a weekly gain of around 0.4%. The retreat followed US data showing consumer prices rising 2.7% year-on-year in November, below market expectations, alongside a steadier dollar that made precious metals more expensive for non-dollar holders.
Expectations around US interest rates adjusted slightly after the data, with markets pricing in a marginally higher probability of a Federal Reserve rate cut at its January meeting.
Other precious metals
Silver softened 0.5% to $65.10 an ounce but was set for a strong weekly rise of about 5%, having touched an all-time high of $66.88 earlier in the week. The metal has surged 125% so far this year, outpacing gold’s roughly 65% annual gain.
Platinum rose 0.5% to $1,924.59, hovering near a more than 17-year high, while palladium slipped 1.1% to $1,677.68, still tracking its best weekly performance since September 2024.