Dubai gold jumps Dh2 in 48 hours as global prices climb 1pc
Silver, platinum and palladium extend gains
DUBAI – Dubai gold prices extended gains on Wednesday, tracking a strong rebound in global bullion markets amid fresh uncertainty over US trade policy.
The latest rates from the Dubai Jewellery Group show a steady climb over the past three sessions.
Gains in international spot prices, alongside renewed safe-haven demand, have kept local retail rates firmly elevated.
Dubai gold rates
On Wednesday, 24K gold is priced at Dh624.50 per gram, up Dh1.75 from Tuesday’s Dh622.75 and Dh2.75 higher than Monday’s Dh621.75. The 22K rate stands at Dh578.25, rising from Dh576.50 on Tuesday and Dh575.75 on Monday.
Similarly, 21K gold increased to Dh554.50 from Dh552.75 a day earlier and Dh552.00 on Monday.
The 18K category is at Dh475.25, compared with Dh473.75 on Tuesday and Dh473.00 at the start of the week.
Even 14K gold moved up to Dh370.75, from Dh369.50 and Dh369.00 over the previous two days.
Global gold rally
Internationally, spot gold climbed 1% to $5,198 per ounce during Asian trading hours on Wednesday, after closing more than 1% lower in the previous session due to profit-taking. US gold futures for April delivery rose 0.8% to $5,217.30.
Markets reacted to mounting uncertainty surrounding US tariff measures. The United States began collecting a temporary 10% global import tariff on Tuesday, with discussions under way to potentially raise it to 15%, adding to policy ambiguity. Recent legal developments have also clouded the trajectory of earlier tariff measures linked to Donald Trump.
Tariff tensions
Safe-haven demand has also been influenced by geopolitical factors. Trump outlined the possibility of military action against Iran during his address to Congress, while Tehran is reported to be advancing defence negotiations with China. Iran and the US are scheduled to hold a third round of nuclear talks in Geneva on Thursday.
Meanwhile, expectations of three 25-basis-point rate cuts by the US Federal Reserve this year continue to underpin bullion’s appeal.
Other precious metals
Silver surged 3% to $89.92 per ounce, touching a three-week high.
Platinum rose 3.6% to $2,244.85, its strongest level since early February, while palladium gained 2.4% to $1,811.37, also marking a three-week peak.