Dubai gold rates stay firm at Dh525 after weekly gains
Silver rises as investors track oil, yields and regional tensions
DUBAI – Dubai gold rates remained unchanged at Dh525 per gram for 24K gold on Monday, as the precious metal entered the new week after recording gains across the previous trading days.
According to the Dubai Jewellery Group, 22K gold was also steady at Dh486 per gram, while 18K gold stood at Dh399.50.
The local market is tracking global bullion prices as investors assess Middle East developments, oil movements and expectations for interest rates.
Weekly moves
Dubai’s gold market closed the previous week higher than where it began. On Monday, 14 September, 24K gold was priced at Dh521.75 per gram, compared with Dh527.50 on Saturday and Monday’s rate, marking a Dh5.75 increase over the week. During the same period, 22K gold climbed from Dh483.25 to Dh488.50, while 18K gold rose from Dh397.00 to Dh401.50.
Prices moved unevenly during the week, with 24K gold falling to Dh518.00 on Thursday before rebounding to Dh526.25 on Friday and Dh527.50 on Saturday.
Global markets
Internationally, spot gold was nearly unchanged at $4,379.74 an ounce early Monday after reaching a one-week high on Friday. US gold futures for December delivery were down 0.1% at $4,419.40. Gold had gained 1.2% on Friday to reach $4,390.11 an ounce, securing its first weekly gain in four weeks as easing oil prices reduced some inflation concerns.
The dollar remained firm, with the dollar index around 100.23 on Monday, while higher bond yields continued to shape expectations for interest rates. Investors are also weighing the possibility of further tightening by major central banks after recent rate increases, a development that can put pressure on non-yielding assets such as gold.
Geopolitical developments remain another major market factor. US President Donald Trump and Iran exchanged fresh threats, while Tehran has continued to resist reopening the Strait of Hormuz until its demands are addressed. Traffic through the strategic waterway has fallen sharply, with only 12 commodity vessels reported to have passed over the weekend compared with about 125 vessels a day before the conflict.
Oil prices moved lower on Monday as investors focused on recovering Saudi Arabian shipments and signs that supply disruptions could ease. Brent crude was reported near $101.71 a barrel in early trading, while West Texas Intermediate was around $99.41, although continued Houthi attacks and the wider US-Iran confrontation remain important risks for energy markets.
Precious metals
Other precious metals also remained active. Spot silver rose 0.8% to $66.76 an ounce, while platinum gained 0.2% to $1,804.33 and palladium added 0.7% to $1,311.65.
Silver had already advanced 2.3% on Friday to $66.70 an ounce, while platinum rose 2.2% and palladium gained 1.5%, with the three metals also heading towards weekly gains.