Dubai gold retreats from Dh604 peak as dollar strengthens
Silver edges up as global bullion steadies
DUBAI – Dubai gold prices eased on Friday, with rates slipping further from this week’s highs.
The decline comes as global bullion prices head towards a weekly loss, pressured by a stronger US dollar. Investors are also awaiting key American inflation data that could shape the Federal Reserve’s policy path.
According to the Dubai Jewellery Group, the suggested retail rate for 24K gold stood at Dh602.50 per gram on Friday, down Dh2 from Thursday’s Dh604.50.
Dubai gold rates
The 22K rate fell to Dh558.00 from Dh559.75 a day earlier. Similarly, 21K dropped to Dh535.00 compared to Dh536.75 on Thursday, while 18K eased to Dh458.50 from Dh460.00. The 14K category was priced at Dh357.75, down from Dh358.75.
The decline follows a volatile week. On Wednesday, 24K gold was at Dh594.50, while Tuesday saw Dh593.25 and Monday opened at Dh603.25 per gram. Over the five-day period, 24K has fallen Dh0.75 compared to Monday’s level, though it remains well above Tuesday’s mid-week dip.
Global gold markets
Internationally, spot gold was steady at $5,000.40 per ounce as of 0530 GMT, though it is down about 1% for the week so far. US gold futures for April delivery rose 0.4% to $5,019.10.
The dollar is heading for its strongest weekly performance since October, buoyed by firmer economic data and a more hawkish Federal Reserve outlook. The Personal Consumption Expenditure data, the Fed’s preferred inflation gauge, is due later on Friday and is expected to influence rate expectations. Markets currently anticipate the first rate cut of the year in June, according to CME’s FedWatch Tool.
Other precious metals
Among other precious metals, spot silver edged 0.2% higher to $78.47 per ounce. Platinum rose 0.1% to $2,071.63, while palladium gained 0.1% to $1,684.59.