Dubai gold hits Dh441 as global prices hover near $3,646
Silver, platinum and palladium record mixed moves in global trade
DUBAI – Dubai’s gold prices edged higher on Friday, with 24-carat gold quoted at Dh441 per gram, up from Dh440.25 on Thursday, according to the Dubai Jewellery Group.
The 22-carat rate reached Dh408.25, compared with Dh407.50 a day earlier, while 21-carat stood at Dh391.50 and 18-carat at Dh335.50.
Through the week, rates fluctuated. On Wednesday, 24K was at Dh443.75, while Tuesday recorded Dh444.00. At the start of the week on Monday, 24K had been lower at Dh439.25.
Global gold steady
Globally, spot gold traded at $3,646.29 per ounce as of 0640 GMT, little changed after hitting a record high of $3,707.40 on Wednesday. US gold futures for December delivery were flat at $3,679.40.
Markets are digesting the US Federal Reserve’s 25-basis-point rate cut announced midweek. While the central bank left the door open to further easing, its cautious guidance has dampened bullish sentiment. Traders now see a 92 percent probability of another rate cut in October, according to CME FedWatch data.
Meanwhile, recent US data showed weekly jobless claims falling to 231,000 from near four-year highs, alongside a sharp rise in the Philadelphia Fed manufacturing index, boosting the dollar and limiting gold’s upside.
Geopolitical developments also weighed on sentiment, with US President Donald Trump saying Russian President Vladimir Putin had “let him down”, while urging allies to halt Russian oil imports. European Commission President Ursula von der Leyen added that the bloc would seek to accelerate the phaseout of Russian fossil fuels.
Other precious metals
Other precious metals posted mixed movements. Spot silver rose 0.8 percent to $42.12 per ounce, platinum dipped 0.3 percent to $1,379.50, and palladium held steady at $1,151.19, though it was heading for a weekly decline of around 3.5 percent.