Dubai gold drops by Dh3 in 24K as weekly prices fluctuate
Precious metals show mixed performance internationally
DUBAI – Dubai Jewellery Group's retail gold prices for Friday show 24K gold at Dh488 per gram, decreasing from Dh491 on both Thursday and Wednesday.
The rate for 22K stands at Dh452.25, lower than Dh454.25 on Thursday and Wednesday.
Similarly, 21K is priced at Dh433.50, down from Dh436.00 over the previous two days, while 18K has dropped to Dh371.50 from Dh373.75.
On Tuesday, 24K gold was Dh483.50 per gram, while 22K stood at Dh447.50. The rate for 21K was Dh429.25, and 18K was Dh368.00. Monday showed slightly higher levels, with 24K at Dh491.50, 22K at Dh455.00, 21K at Dh436.25, and 18K at Dh374.00, making it the highest point of the week across all categories.
Global gold trends
Internationally, spot gold slipped 0.9% to $4,039.86 per ounce, while US gold futures for December delivery dipped 0.6% to $4,035.60 per ounce. Gold is heading for a weekly decline of nearly 1%, reflecting stronger-than-expected US job data, which has dampened hopes for a December rate cut. The US dollar is tracking for its strongest performance in more than a month, making gold more expensive for holders of other currencies. Traders now see around a 39% chance of a Federal Reserve rate reduction next month.
Other precious metals
Other precious metals also saw movement. Spot silver fell 2.2% to $49.48 per ounce. Platinum eased 0.4% to $1,505.96, while palladium dipped 1.4% to $1,358.15.