Dubai gold rates climb above Dh522 per gram as weekly gains extend
Silver, platinum and palladium extend rally
DUBAI – Dubai gold prices recorded a fresh uptick on Saturday, according to the latest rates issued by the Dubai Jewellery Group.
Retail prices across all major carats showed gains compared to Friday, extending a broadly positive trend seen through the week. The movement comes as global bullion markets remain supported by expectations of interest rate cuts and strong investment demand for precious metals.
Dubai gold rates
As of Saturday, the suggested retail gold jewellery price stood at Dh522.75 per gram for 24K, up from Dh521.00 on Friday. Prices had settled at Dh522.25 on Thursday, Dh521.75 on Wednesday, Dh516.75 on Tuesday, and Dh518.25 on Monday, reflecting a net weekly rise despite midweek fluctuations.
On Saturday, 22K gold was priced at Dh484.00 per gram, compared with Dh482.50 on Friday, Dh483.50 on Thursday, Dh483.00 on Wednesday, Dh478.50 on Tuesday, and Dh480.00 on Monday.
21K gold rose to Dh464.25, up from Dh462.50 on Friday, Dh463.50 on Thursday, Dh463.25 on Wednesday, Dh458.75 on Tuesday, and Dh460.25 on Monday.
Lower-carat gold also moved higher. 18K gold was quoted at Dh397.75 per gram, compared with Dh396.50 on Friday, Dh397.25 on Thursday, Dh397.00 on Wednesday, Dh393.25 on Tuesday, and Dh394.50 on Monday. 14K gold reached Dh310.25, up from Dh309.25 on Friday and Dh306.75 earlier in the week.
Global gold outlook
In global markets, spot gold traded at $4,347.07 an ounce, posting a weekly gain of 1.1%, while US gold futures settled at $4,387.3. The advance came amid growing expectations of interest rate cuts by the US Federal Reserve following softer inflation and labour data.
Other precious metals
Silver surged to a record high of $67.45 an ounce, ending the week up 8.4%, driven by strong investment demand and tight supply. Platinum traded near 17-year highs at $1,975.51, while palladium climbed to $1,709.75, close to a three-year high, with all major precious metals logging weekly gains.