Dubai gold rates climb to Dh407 for 24K as dollar slides on Trump news
Silver, platinum, and palladium also see steady increases
DUBAI – Gold prices in Dubai climbed on Tuesday, with 24K gold reaching Dh407 per gram, up from Dh405.25 on Monday.
Meanwhile, 22K, 21K, and 18K gold recorded increases to Dh376.75, Dh361.25, and Dh309.75 per gram respectively, marking steady gains across all karats.
Jewellery buyers at the Gold Souk witnessed a modest but noticeable rise in local rates as the market absorbed global developments.
Global gold moves
The uptick in Dubai gold mirrored international trends, as spot gold surged to $1,373.38 per ounce, its highest level since August 11. US gold futures for December delivery rose 0.1% to $1,421.10. The rise came after US President Donald Trump dismissed Federal Reserve Governor Lisa Cook, sparking concerns over monetary policy and potential interest rate shifts.
Traders moved towards gold as a safe-haven asset amid the uncertainty, while the US dollar index dipped 0.2%, making bullion cheaper for overseas buyers.
Market signals
Focus now shifts to the upcoming US Personal Consumption Expenditures Price Index on Friday, which may influence the Fed’s rate decisions. Non-yielding gold benefits in lower interest rate environments, making bullion increasingly attractive. SPDR Gold Trust, the world’s largest gold-backed ETF, reported holdings rising 0.18% to 958.49 metric tons on Monday.
Other precious metals also saw gains, with silver up 0.6% at $38.79 per ounce, platinum 0.1% higher at $1,343.45, and palladium climbing 0.9% to $1,095.80.