Dubai gold climbs to Dh622.75 as global bullion drops 1.2pc
Silver retreats from two-week high amid stronger dollar
DUBAI – Dubai gold prices inched higher on Tuesday, tracking modest gains across all major karats even as global bullion prices slipped from a three-week high.
The latest rates released by the Dubai Jewellery Group show a Dh1 increase in 24K gold compared to Monday, reflecting steady retail demand in the local market. Internationally, however, gold retreated after a strong rally in the previous session.
Dubai gold rates
As of Monday, 24K gold is priced at Dh622.75 per gram, up from Dh621.75 on Monday. The 22K rate rose to Dh576.50 from Dh575.75, while 21K climbed to Dh552.75 from Dh552.00. The 18K category edged up to Dh473.75 from Dh473.00, and 14K advanced to Dh369.50 compared to Dh369.00 a day earlier.
Global gold markets
Globally, spot gold fell 1.2% to $5,167.28 per ounce by 0538 GMT, snapping a four-session winning streak after rising more than 2% in the previous session. Earlier in the day, bullion had touched a more than three-week high. US gold futures for April delivery were down 0.7% at $5,187.40.
The pullback comes amid profit-booking and renewed strength in the dollar, which makes greenback-priced bullion more expensive for holders of other currencies. Asian equities steadied after a volatile start, as investor sentiment remained sensitive to trade developments and technology-sector pressures.
Trade tensions
Attention remains on US trade policy after Donald Trump warned countries against stepping back from recently negotiated trade deals. The comments followed a Supreme Court ruling that struck down emergency tariffs, raising uncertainty over the direction of future duties.
Monetary policy is also in focus. Federal Reserve Governor Christopher Waller signalled openness to holding interest rates steady at the March meeting if upcoming February jobs data points to a firmer labour market. Markets currently anticipate three 25-basis-point rate cuts this year, according to CME’s FedWatch Tool.
Other precious metals
Spot silver slipped 0.9% to $87.39 per ounce after hitting a more than two-week high on Monday.
Platinum fell 0.5% to $2,142.35, while palladium gained 0.4% to $1,750.98, reflecting mixed sentiment across the precious metals complex.