Dubai gold jumps Dh10 as global prices cross $5,000
Silver holds near $78 on safe-haven demand
DUBAI – Dubai gold rates climbed sharply on Thursday, mirroring gains in international markets as geopolitical tensions and monetary policy expectations boosted demand for safe-haven assets.
The latest prices from the Dubai Jewellery Group show increases across all categories compared with Wednesday. The rally follows a more than 2% surge in global bullion prices a day earlier.
Dubai gold rates
As of Thursday, 24K gold is priced at Dh604.50 per gram, up Dh10 from Wednesday’s Dh594.50. The 22K rate rose to Dh559.75 from Dh550.50, while 21K climbed to Dh536.75 compared with Dh528.00. The 18K price advanced to Dh460.00 from Dh452.50, and 14K increased to Dh358.75 from Dh353.00.
Compared with Tuesday, when 24K stood at Dh593.25, Thursday’s price reflects a Dh11.25 rise. Against Monday’s Dh603.25, the current rate is Dh1.25 higher, underscoring a volatile week for the precious metal.
Global gold rally
Internationally, spot gold gained 0.5% to $5,004.47 per ounce by 0634 GMT, after rising more than 2% in the previous session. US gold futures for April delivery were up 0.3% at $5,025.10.
The advance comes amid persistent tensions between the United States and Iran. Discussions in Geneva reportedly made some progress, yet differences remain. Russia’s Foreign Minister Sergei Lavrov warned against any new US strike on Iran, adding to market unease. The backdrop has reinforced gold’s appeal as a hedge against geopolitical risk.
Investors are also assessing the Federal Reserve’s policy path after January minutes showed officials holding rates steady but divided on the next move. Several policymakers signalled openness to further hikes if inflation stays elevated, while others leaned towards cuts should price pressures ease. Markets are currently pricing in a first rate cut in June.
Attention now turns to weekly US jobless claims and Friday’s Personal Consumption Expenditures data, the Fed’s preferred inflation gauge.
Other precious metals
Spot silver rose 1.5% to $78.36 per ounce, following a gain of more than 5% on Wednesday. Analysts see silver consolidating in the $70 to $90 range in the near term.
Platinum edged up 0.7% to $2,084.71, while palladium added 0.4% to $1,722.94, reflecting broader strength across precious metals.