Dubai gold hits Dh444.75 per gram as silver nears 14-year high
Investors eye inflation data and Fed speeches for market direction
DUBAI – Dubai gold prices opened higher on Monday, with 24K retail jewellery trading at Dh444.75 per gram, according to Dubai Jewellery Group.
The popular 22K variety was set at Dh412.00, while 21K stood at Dh394.75 and 18K at Dh338.50.
The movement reflects both local demand and global sentiment, as bullion continues to hover near record levels.
Global gold surge
On the international stage, spot gold was up 0.2% at $3,691.53 per ounce at 04:18 GMT, after hitting a record high of $3,707.40 last week. US gold futures for December delivery gained 0.6% to $3,727.40. Gold has already risen more than 40% this year, supported by central bank buying, global economic uncertainty and easing monetary policy.
Investors are now focused on a series of speeches from US Federal Reserve officials, including Chair Jerome Powell, after the central bank cut interest rates by 25 basis points last week. While the move was described as a “risk-management cut,” traders are assessing the likelihood of further reductions, with expectations pointing to additional rate cuts in October and December.
Other precious metals
Silver strengthened 1% to $43.49 per ounce, hovering near a 14-year high. Platinum gained 0.4% to $1,409.47, while palladium rose 0.8% to $1,157.75. The broad rally across precious metals reflects strong investor appetite for safe-haven assets, as markets also weigh geopolitical tensions and upcoming US inflation data.