Dubai gold rates fall by up to Dh3.25 as 24K drops to Dh513.75
Silver joins precious metals heading for weekly losses
DUBAI – Dubai gold rates moved lower on Friday, with all three major jewellery purities recording declines from the previous session.
The latest Dubai Jewellery Group suggested retail prices put 24K gold at Dh513.75 per gram, while 22K stood at Dh475.75 and 18K at Dh391.00.
The retreat comes as international bullion remains under pressure from a firmer US dollar and expectations that the Federal Reserve could keep interest rates elevated.
Dubai gold rates
The 24K rate fell Dh3.25 from Dh517.00 on Thursday, while 22K declined Dh3.00 from Dh478.75 and 18K slipped Dh2.50 from Dh393.50.
The downward move follows a sharper retreat earlier in the week. On Wednesday, 24K was Dh523.50, 22K Dh484.75 and 18K Dh398.50. Tuesday's rates were Dh523.25, Dh484.75 and Dh398.25 respectively, while Monday stood at Dh525.00, Dh486.00 and Dh399.50.
That means Friday's 24K rate is Dh11.25 below Monday's level, with 22K down Dh10.25 and 18K lower by Dh8.50 over the four-session period.
Internationally, spot gold fell 0.2% to $4,270.83 an ounce by 0425 GMT on Friday and was down more than 2% for the week, while US gold futures edged 0.2% higher to $4,305.10. A stronger dollar, rising Treasury yields and expectations of further US monetary tightening have weighed on bullion, as higher interest rates reduce the relative appeal of non-yielding assets.
Dollar pressure
The dollar was heading for a weekly gain on Friday, making gold and other greenback-priced metals more expensive for buyers using other currencies. Market expectations for further Federal Reserve tightening have also strengthened, following signals from policymakers that additional increases could be required to contain persistent inflation.
Energy prices remain closely tied to that outlook. Oil jumped on Thursday after attacks on Saudi Arabia renewed supply concerns, although prices eased on Friday as markets weighed possible US-Iran diplomatic progress and prospects for reopening the Strait of Hormuz. Brent was recently around $105.73 a barrel, while WTI was about $93.05. (Business Recorder)
US President Donald Trump has also kept markets focused on the Iran conflict and the prospects for a broader agreement. Iran has indicated that reopening the Strait of Hormuz could form part of a wider arrangement, while the waterway remains a key factor for global energy supply and inflation expectations.
Other precious metals
Other precious metals also remained under pressure.
Spot silver slipped 0.5% to $63.59 an ounce, while platinum fell 0.1% to $1,746.36 and palladium dropped 1.9% to $1,249.71. All three were heading for weekly losses alongside gold.