Dubai gold climbs to Dh621.75 as silver surges 3pc
Investors rotate into metals amid trade uncertainty
DUBAI – Dubai gold rates opened higher on Monday, tracking a sharp surge in global bullion prices.
The move comes as international markets reacted to fresh uncertainty surrounding US trade policy and geopolitical tensions.
Silver also extended gains, marking one of the strongest sessions in weeks.
Dubai gold rates
According to the Dubai Jewellery Group, today’s suggested retail gold jewellery prices per gram are: 24K at Dh621.75, 22K at Dh575.75, 21K at Dh552.00, 18K at Dh473.00 and 14K at Dh369.00.
Global gold rally
Internationally, spot gold climbed 1.1% to $5,158.29 per ounce by 0558 GMT, after touching its highest level since January 30. US gold futures for April delivery rose 2% to $5,180.40.
The rally followed a landmark ruling by the US Supreme Court, which struck down a broad range of tariffs introduced by President Donald Trump under emergency powers. The decision unsettled markets and pressured the dollar, prompting investors to rotate into safe-haven assets.
In response to the ruling, Trump said a temporary tariff on US imports from all countries would be raised from 10% to 15%, adding another layer of uncertainty to global trade flows.
Wall Street futures and the US dollar slipped in Asian trading as the tariff murkiness revived the so-called “sell America” trade. A weaker dollar typically boosts gold by making it cheaper for holders of other currencies.
Attention is also fixed on geopolitical developments. Iran signalled readiness to make concessions on its nuclear programme in talks with Washington in exchange for sanctions relief, amid concerns of potential military escalation.
US inflation data released on Friday showed underlying price pressures rising more than expected in December, with indications of further acceleration in January. This has reinforced expectations that the Federal Reserve may delay interest rate cuts until at least June, a factor closely watched by bullion traders.
Other precious metals
Spot silver jumped 2.9% to $86.98 per ounce, its highest in more than two weeks.
Platinum edged up 0.1% to $2,158.55, while palladium slipped 0.2% to $1,745.09, underscoring diverging momentum within the precious metals complex.