Dubai gold rises to Dh454.25 as global prices near record highs
Silver, platinum and palladium extend gains in international trading
DUBAI – Gold prices in Dubai advanced for a third consecutive session on Wednesday, reflecting the steady upward momentum in global markets.
According to Dubai Jewellery Group, 24K gold stood at Dh454.25 per gram, up from Dh451.00 on Tuesday and Dh444.75 on Monday. Rates for 22K, 21K and 18K were Dh420.50, Dh403.25 and Dh345.75 per gram respectively.
Tuesday’s prices were Dh417.75 for 22K, Dh400.50 for 21K and Dh343.25 for 18K, while Monday’s rates had been Dh412.00, Dh394.75 and Dh338.50 for the same categories. The steady rise highlights renewed investor appetite for the precious metal.
Global price movement
On the international stage, spot gold was up 0.71 per cent at $3,766.9 per ounce on Wednesday, after touching a record high of $3,790.82 on Tuesday. US gold futures for December delivery eased slightly by 0.45 per cent to $3,799.50.
The broader sentiment was shaped by US Federal Reserve Chair Jerome Powell’s comments on monetary policy and anticipation ahead of key economic reports including jobless claims data and the Personal Consumption Expenditures index, the Fed’s preferred inflation gauge. Goldman Sachs has projected a series of potential rate cuts beginning in October, which could further support bullion prices.
Other precious metals
Silver edged higher by 0.39 per cent to $44.11 per ounce, while platinum advanced 0.92 per cent to $1,498.20. Palladium gained 1.05 per cent to settle at $1,265.00. Analysts note that the strength across the precious metals complex reflects ongoing global uncertainties, inflationary pressures, and investor moves into safe-haven assets.