Dubai gold surges over Dh20 in 24 hours tracking global rally
Silver, platinum and palladium advance in broader metals surge
DUBAI – Dubai’s gold market opened Wednesday with a sharp upswing, mirroring a strong rally in global bullion prices.
The latest rates released by the Dubai Jewellery Group show significant gains across all categories, with 24K recording one of the steepest single-day increases this week.
The upward momentum follows a combination of global economic cues, including currency movements and geopolitical developments.
Dubai gold rates
As of Wednesday, March 25, retail gold prices in Dubai are: 24K at Dh547.25 per gram, 22K at Dh506.75, 21K at Dh485.75, 18K at Dh416.50, and 14K at Dh324.75.
This marks a notable jump from Tuesday, March 24, when rates stood at Dh526.25 for 24K, Dh487.25 for 22K, Dh467.25 for 21K, Dh400.50 for 18K, and Dh312.25 for 14K. The increase of over Dh20 per gram for 24K highlights a strong rebound in bullion demand.
The latest surge therefore represents the first major upward movement after two days of stability.
Global trends
Internationally, gold prices rallied more than 2 percent, with spot gold reaching $4,570.74 per ounce, while US futures climbed to $4,569.10. The gains come as the US dollar weakened slightly, making gold more attractive for investors holding other currencies.
The softer dollar coincided with shifting expectations around the Federal Reserve, with markets reducing the likelihood of further rate hikes. Lower interest rate expectations tend to support gold, which does not yield interest.
Geopolitical developments also played a role. Donald Trump signalled progress in negotiations related to the Iran conflict, raising hopes of a potential de-escalation. Oil prices fell below $100 a barrel on the prospect of a ceasefire, easing inflation concerns and further supporting bullion.
The interplay between oil, inflation and interest rates remains central, as lower crude prices reduce pressure on central banks while sustaining gold’s appeal as a safe-haven asset.
Other precious metals
Other precious metals followed gold’s upward trajectory. Silver rose 3.1 percent to $73.42 per ounce, reflecting strong investor interest alongside gold’s rally.
Platinum also advanced to $1,969.64, while palladium climbed to $1,457.07, indicating a broad-based recovery across the metals complex as market sentiment improved.