Dubai gold rates rise by Dh1.75
Precious metals show mixed performance as investors track US policy moves
DUBAI – Dubai’s retail gold prices edged higher on Saturday, continuing a week marked by noticeable fluctuations across all purity levels.
According to Dubai Jewellery Group, 24K gold reached Dh489.75 per gram today, compared to Dh488.00 on Friday. The week began with 24K at Dh491.50 on Monday, before dipping midweek, then gradually recovering.
Dubai gold rates
For 22K, today’s rate stands at Dh453.50, up from Friday’s Dh452.25. Earlier this week, it registered Dh455.00 on Monday, Dh447.50 on Tuesday, Dh454.25 on both Wednesday and Thursday. Similarly, 21K is priced at Dh435.00 today, compared to Dh433.50 on Friday, Dh436.25 on Monday, and Dh436.00 midweek. Meanwhile, 18K stands at Dh372.75 today, after slipping to Dh371.50 on Friday from Dh374.00 on Monday.
Global gold trends
Globally, spot gold held at $4,086.57 per ounce, after a volatile session in which it briefly declined by over 1 percent. US gold futures settled at $4,079.5 per ounce. Bullion is tracking toward a marginal weekly gain of 0.1 percent. Market sentiment shifted as traders increased bets on a December interest rate cut, now priced at a 74 percent likelihood. Earlier, it was closer to 40 percent.
US data reflected a mixed labour outlook, with October nonfarm payrolls increasing by 119,000 and unemployment rising to a four-year high. The delayed jobs report sparked further speculation over near-term monetary policy adjustments.
As the week closed, Wall Street’s main indexes gained, reflecting an improved risk appetite among investors anticipating lower interest rates. However, physical demand in major Asian markets remained relatively subdued, amid rate volatility and cautious consumer behaviour.
Other precious metals
Other precious metals saw mixed movements. Spot silver eased by 0.4 percent to $50.39 per ounce, platinum edged up 0.1 percent to $1,512.67, and palladium moved 0.2 percent higher to $1,380 per ounce.