Dubai gold rates hit monthly high amid global market shifts
24K gold price jumps nearly Dh9 since Saturday
DUBAI: Gold prices in Dubai rose for the third straight day on Wednesday, continuing a strong rally that began over the weekend.
The surge, largely disconnected from a cooling in global spot prices, points to local factors such as robust retail demand and currency-based trading.
Dubai gold rates
As of 9am Wednesday, 24K gold is priced at Dh412.25 per gram – an increase of Dh3.50 from Tuesday’s Dh408.75 and nearly Dh9 higher than Saturday’s rate of Dh403.75.
Rates for 22K gold have also jumped to Dh381.75, up from Dh378.50 a day earlier. The 21K variety is now at Dh366.25, climbing Dh3.50 from Tuesday. Meanwhile, 18K has reached Dh313.75, gaining Dh2.75 in a day.
Global gold movements
Despite local gains, international gold prices edged lower on Wednesday. Spot gold declined 0.2% to $3,422.95 per ounce after peaking earlier in the session. US gold futures also dipped by 0.2%, settling at $3,436.10. Analysts attribute the softening to improving global risk sentiment after the announcement of a new trade agreement between the US and Japan.
However, gold’s downside remains limited by a weaker US dollar and subdued Treasury yields, which continue to support greenback-priced bullion.
Dollar and trade dynamics
The US dollar index hovered near a two-week low, enhancing gold’s appeal to non-dollar holders. Adding to the economic backdrop, 10-year Treasury yields hit their lowest point since July 9, reflecting cautious investor sentiment.
In parallel developments, US and Chinese officials are scheduled to meet in Stockholm to discuss an extension of their tariff deal deadline. This may further influence demand for safe-haven assets like gold.
Other metals steady
Silver followed gold’s path, easing 0.2% to $39.20 per ounce. Platinum edged 0.1% lower to $1,439.65, while palladium fell 0.2% to $1,272.50.