Dubai gold rates rise by Dh1.25 as global bullion reaches one-week high
Silver leads wider gains as precious metals strengthen across markets
DUBAI – Dubai gold rates edged higher on Saturday, with all three key jewellery categories recording gains after international bullion prices climbed to a one-week high.
The latest suggested retail prices from the Dubai Jewellery Group put 24K gold at Dh527.50 per gram, while 22K and 18K stood at Dh488.50 and Dh401.50 respectively.
The move follows a stronger global gold market, where prices were heading for their first weekly gain in four weeks.
Dubai gold rates
The Dubai Jewellery Group’s suggested retail price for 24K gold rose Dh1.25 per gram from Friday’s Dh526.25. The 22K rate also increased by Dh1.25 to Dh488.50, while 18K advanced by Dh1 to Dh401.50.
Compared with Thursday, when 24K gold was Dh518, Saturday’s rate is Dh9.50 higher. The 22K price has risen Dh9 from Dh479.50, while 18K is up Dh7.25 from Dh394.25.
The week began with 24K at Dh521.75 on Monday, before moving to Dh518.75 on Tuesday, Dh520.75 on Wednesday, Dh518 on Thursday and Dh526.25 on Friday. Saturday’s Dh527.50 therefore leaves the highest-purity category Dh5.75 above Monday’s level. The corresponding 22K rate is Dh5.25 higher than Monday, while 18K is Dh4.50 higher.
Dubai’s latest figures are consistent with the wider movement in international bullion, although published UAE historical-rate tables can reflect different intraday fixing times.
Global market
Spot gold rose 1.2% to $4,390.11 an ounce on Friday, after touching its highest level since September 11. US gold futures settled 0.6% higher at $4,424.90, while bullion was up about 1% for the week.
Lower oil prices helped ease concerns over prolonged inflation, supporting gold despite a stronger US dollar. The dollar climbed to a more than seven-week high, making dollar-priced bullion more expensive for holders of other currencies.
The Federal Reserve raised its interest-rate range by 25 basis points to 3.75%-4% on Wednesday and indicated further increases could follow. Markets were pricing a 55% chance of another US rate increase at the October meeting, adding pressure to non-yielding assets such as gold.
US President Donald Trump has remained closely linked to developments surrounding the Iran conflict, while continuing regional tensions have kept oil and precious metals markets volatile. Shipping through the Strait of Hormuz also remains sharply below normal levels, with only four commodity vessels crossing on Thursday compared with a 10-day average of 16, according to preliminary Kpler data.
Other precious metals
Silver gained 2.3% to $66.70 an ounce on Friday, while platinum climbed 2.2% to $1,812.50 and palladium added 1.5% to $1,310.20. All three metals were heading for weekly gains alongside gold.