Dubai gold rates stay firm as global bullion climbs 3.2pc this week
Precious metal markets head towards another weekly advance
DUBAI – Gold prices remained steady in early Asian trading on Friday, as bullion headed for a third consecutive weekly gain.
The international market was supported by a weaker US dollar and efforts by the US Treasury Department to curb rising long-term bond yields.
Dubai gold rates
For shoppers in Dubai, retail gold rates remained unchanged across the main jewellery categories. The suggested retail price for 24K gold stood at Dh547 per gram, while 22K gold was priced at Dh506.50 per gram.
The rate for 21K gold was Dh485.75 per gram, while 18K gold stood at Dh416.25 per gram. Meanwhile, 14K gold was priced at Dh324.75 per gram.
Global prices
Spot gold was little changed at US$4,514.23 an ounce during early trading. The metal had climbed to its highest level since early June in the previous session and was up 3.2 percent since the start of the week.
US gold futures were also steady at $4,571.20 an ounce.
Other precious metals
The wider precious metals market also recorded mixed movements. Spot silver was little changed at $68.03 an ounce, while platinum gained 1.1 percent to reach $1,846.29.
Palladium stood at $1,333.11 an ounce.
Silver, platinum and palladium were also heading for weekly gains, alongside gold, as investors monitored currency movements and developments in the US bond market.