Dubai gold rates rise to Dh444 as global prices hit record
Silver and platinum strengthen while palladium records weekly decline
DUBAI – Dubai gold prices edged higher on Saturday, with 24K retailing at Dh444 per gram, according to Dubai Jewellery Group. This marked a Dh3 jump from Friday’s Dh441, and a gain of Dh4.75 compared with Monday’s rate of Dh439.25. The other categories followed suit, with 22K at Dh411.25, 21K at Dh394 and 18K at Dh338.
Over the past week, Dubai gold saw frequent fluctuations. On Tuesday, rates matched today’s Dh444, before slipping to Dh443.75 on Wednesday and easing further to Dh440.25 on Thursday. By Friday, prices had begun to rise again, culminating in today’s return to the week’s highest level.
Global gold surge
In global trade, spot gold climbed 0.8% to $3,672.08 per ounce by 1:36 pm EDT on Friday, while December futures settled 0.7% higher at $3,705.80. The metal briefly hit a record $3,707.40 after the US Federal Reserve delivered its first interest rate cut of the year, before retreating in volatile trading.
The Fed lowered its benchmark rate by 25 basis points, the first reduction of 2025, while cautioning about persistent inflation. Markets now anticipate further easing in the months ahead, which has buoyed demand for bullion. Lower interest rates reduce the opportunity cost of holding gold, helping push prices nearly 40% higher this year.
Other precious metals
Silver mirrored the rally, rising 2.2% to $42.70 per ounce. Platinum gained 1.4% to $1,403.02, while palladium held steady at $1,150.04, heading for a weekly decline. Meanwhile, physical gold premiums in India surged to a 10-month high as festive demand strengthened despite record prices, contrasting with deepening discounts in China, which hit a five-year peak.