Dubai gold prices hold firm at Dh514 as global rally pauses
Precious metals mixed as silver and platinum show contrasting trends
DUBAI – Dubai’s gold market opened Monday on a steady note, with retail rates holding firm despite cooling momentum in global bullion.
According to the Dubai Jewellery Group, 24-karat gold traded at Dh514.00 per gram, while 22K stood at Dh476.00, 21K at Dh456.50, and 18K at Dh391.25. The stability follows a turbulent stretch in international markets, where investors are weighing potential shifts in monetary policy and trade relations.
Globally, spot gold was priced at $4,253.33 per ounce as of 3:31 AM GMT, inching up 0.1% from the previous session. US gold futures for December delivery advanced 1.3% to $4,266.30 per ounce, supported by optimism over further rate cuts by the US Federal Reserve and cautious sentiment ahead of key inflation data due Friday.
Market cooling off
Gold’s rise came after a sharp correction late last week, when prices fell nearly 1.8% – the steepest daily drop since mid-May – following comments by former US President Donald Trump suggesting that a proposed 100% tariff on Chinese imports “would not be sustainable.” His remarks fuelled hopes of a renewed trade dialogue with China, easing some of the safe-haven demand that had pushed gold to record highs of $4,378.69 per ounce.
Silver, meanwhile, edged 0.5% higher to $52.12 per ounce, after tumbling 4.4% on Friday – its worst session since April. Platinum slipped 0.8% to $1,596.88, while palladium rose slightly by 0.2% to $1,476.97.
Investors watch next moves
The market’s next major catalysts are expected later this week, with the US-China trade talks and September’s core inflation data both under close scrutiny. Analysts expect inflation to hold at around 3.1%, reinforcing expectations of a quarter-point US rate cut this month and another in December, according to CME FedWatch data.
Gold has gained more than 60% since January, buoyed by central-bank buying, rising exchange-traded fund inflows, and geopolitical tension. Despite Friday’s pullback, analysts say bullion remains one of 2025’s strongest-performing assets – a reflection of ongoing uncertainty in the global financial landscape.