Dubai gold climbs to Dh501.50 as global prices hit $4,156
Silver advances while platinum and palladium show mixed momentum
DUBAI – Dubai’s gold rates continues their upward trend today, reflecting both local demand and strengthening global bullion prices.
The latest figures from Dubai Jewellery Group show a notable increase across all carats, coinciding with a surge in international spot gold prices to a near two-week high.
Analysts are closely watching the market as expectations intensify for a US Federal Reserve rate cut in December.
Dubai gold prices
On Wednesday, 24K gold stood at Dh501.50 per gram, compared to Tuesday’s Dh499.00 and Monday’s Dh487.25. The 22K rate recorded Dh464.25 today, up from Dh462.00 on Tuesday and Dh451.25 on Monday. For 21K, today’s Dh445.25 marks a rise from Dh443.00 on Tuesday and Dh432.50 on Monday. Meanwhile, 18K reached Dh381.50, edging higher from Dh379.75 and Dh370.75 respectively.
Global gold movement
Internationally, spot gold rose 0.7% to $4,156.89 per ounce, while US gold futures reached $4,154.10. The rally was driven by reinforced expectations of an 85% chance of a rate cut in December, influenced by softer US retail sales data and a Producer Price Index at 2.7%.
The dollar hovered near a one-week low amid speculation that the next Fed chair may adopt a more dovish stance. Treasury yields remained near one-month lows, enhancing gold’s appeal as a non-yielding asset.
In China, net gold imports via Hong Kong for October declined about 64% from September, signalling easing demand in the world’s top consumer.
Other precious metals
Elsewhere in precious metals, spot silver advanced 0.9% to $51.85 per ounce. Platinum slipped slightly by 0.1% to $1,552.50, while palladium remained steady at $1,396.80.