Dubai gold climbs as 24K hits Dh543.25 amid global bullion surge
Silver, platinum and palladium extend sharp rallies
DUBAI – Dubai gold prices rose on Friday, extending gains seen through the week as global bullion markets surged to fresh record highs.
Rates issued by the Dubai Jewellery Group showed higher prices across all major carats compared with Thursday, continuing a firm upward trend since the start of the week.
The rise came alongside strong international demand for precious metals amid expectations of US interest rate cuts and heightened geopolitical tension.
Dubai gold rates
As of Friday, December 26, the suggested retail price for 24-carat gold stood at Dh543.25 per gram. This marked an increase from Dh539.75 on Thursday, Dh542.00 on Wednesday, Dh540.00 on Tuesday and Dh529.75 on Monday.
Other carats followed a similar pattern. Twenty-two-carat gold was priced at Dh503.00 per gram, up from Dh499.75 a day earlier and Dh490.75 at the start of the week. Twenty-one-carat gold reached Dh482.25, compared with Dh479.00 on Thursday and Dh470.50 on Monday. Eighteen-carat gold rose to Dh413.50, while 14-carat gold was quoted at Dh322.50, both higher than earlier in the week.
Overall, 24-carat gold gained Dh13.50 per gram between Monday and Friday, underlining the strength of the current rally in the local market.
Global gold markets
Internationally, spot gold climbed to around $4,502.75 per ounce on Friday, after touching a record high of $4,530.60 earlier in the session. US gold futures for February delivery also reached new highs above $4,530. Gold has recorded its strongest annual performance in decades, supported by expectations of further US rate cuts, central bank buying and steady investor demand.
Other precious metals
Silver surged sharply, topping $75 per ounce for the first time, with prices rising more than 3 percent on the day. The metal has significantly outperformed gold this year, supported by industrial demand and tight supply conditions.
Platinum and palladium also posted strong gains. Platinum jumped to above $2,400 per ounce, hitting an all-time high, while palladium rose to around $1,757 per ounce. Both metals are heading for weekly gains amid supply concerns, tariff uncertainty and increased demand linked to the automotive sector.