Dubai gold jumps Dh12.75 as global prices top $5,071
Silver spikes over 5% in global trade
DUBAI – Dubai gold rates opened sharply higher on Saturday, tracking firm global cues and renewed volatility in US markets.
The latest figures released by the Dubai Jewellery Group show 24K gold at Dh615.25 per gram, up Dh12.75 from Friday’s Dh602.50.
The rise follows a volatile trading week shaped by US economic data, tariff developments and strong gains in precious metals.
Dubai gold rates
On Saturday, 22K gold climbed to Dh569.75 per gram from Dh558.00 on Friday. The 21K rate rose to Dh546.25 compared with Dh535.00, while 18K increased to Dh468.25 from Dh458.50. The 14K category advanced to Dh365.25, up from Dh357.75 a day earlier.
Friday itself had seen a slight dip from Thursday’s levels, when 24K stood at Dh604.50 and 22K at Dh559.75. On Wednesday, rates were lower, with 24K priced at Dh594.50 and 22K at Dh550.50. Tuesday recorded 24K at Dh593.25 and 22K at Dh549.25. At the start of the week on Monday, 24K was Dh603.25 and 22K Dh558.50, highlighting a choppy but upward-trending week overall.
Global gold rally
Internationally, spot gold rose 1.5% to $5,071.48 an ounce on Friday, while US gold futures for April delivery settled 1.7% higher at $5,080.90. Prices were supported by weaker-than-expected US economic growth data and renewed tariff uncertainty.
The US economy expanded at an annualised rate of 1.4% in the fourth quarter, sharply below forecasts of 3%. At the same time, the Personal Consumption Expenditure index rose 0.4% in December, exceeding expectations of 0.3%, signalling persistent inflationary pressure.
Investor focus also turned to tariff measures announced by Donald Trump after the Supreme Court of the United States ruled that broad global tariffs imposed under emergency powers were unlawful. Trump said a 10% global tariff would be introduced for 150 days under alternative statutes, fuelling fresh market volatility.
Traders continue to expect two 25-basis-point interest rate cuts from the Federal Reserve this year, with the first anticipated in June. Lower rates typically support non-yielding assets such as gold.
Asia trends
In Asia, physical demand remained subdued. In India, dealers widened discounts to as much as $18 per ounce from $12 last week, reflecting weak retail buying despite the ongoing wedding season. Domestic prices hovered near 155,000 rupees per 10 grams, well below last month’s record high of 180,779 rupees.
Major Asian bullion hubs including China, Singapore and Hong Kong were closed for Lunar New Year holidays, limiting regional activity. In Japan, gold traded at a discount of $10 to small premiums of up to $1.
Silver surge
Silver outperformed gold in global trade, with spot silver jumping 5.8% to $82.92 an ounce. Platinum gained 4.5% to $2,163.53, while palladium rose 4% to $1,751.70.