Dubai gold rates climb as 24K reaches Dh558 amid global market shifts
Silver, platinum and palladium rise alongside bullion in global markets
DUBAI – Dubai's gold market remains closely watched as international bullion prices continue trading at elevated levels amid shifting expectations over US monetary policy and persistent geopolitical uncertainty.
Gold has remained a major focus for investors as concerns over inflation, currency values and the economic impact of the conflict involving the US and Iran continue to shape market sentiment. The precious metal also remains sensitive to movements in the US dollar, oil prices and expectations for interest rates.
Dubai gold rates
According to the latest suggested retail gold jewellery prices from the Dubai Jewellery Group, 24K gold is priced at Dh558.00 per gram, while 22K gold stands at Dh516.75 per gram. The rate for 18K gold is Dh424.50 per gram. These prices provide the latest benchmark for gold jewellery in Dubai and can vary at the retail level depending on making charges and individual products.
Global gold
Internationally, spot gold was up 0.8 percent at $4,630.09 per ounce by 0232 GMT on Thursday, while US gold futures gained 0.7 percent to $4,685.50. The recovery followed a decline of more than 1 percent in the previous session, when a stronger dollar and persistent inflation concerns weighed on bullion.
Attention is now turning towards Federal Reserve Chair Kevin Warsh's expected remarks at the Jackson Hole symposium. Markets are assessing whether US monetary policy could remain restrictive, with inflation still running well above the Federal Reserve's 2 percent target.
US annual inflation remained elevated in July, adding another layer of uncertainty around the timing of future interest-rate decisions. Higher rates can reduce the appeal of gold because the metal does not generate interest, while concerns over currency debasement and the US budget deficit have continued to support demand for bullion.
Iran tensions
Geopolitical developments remain another major influence on precious metals. Qatar's prime minister is due to visit Tehran as diplomatic efforts continue, while negotiations involving Iran and Oman are focused on arrangements linked to the Strait of Hormuz.
The waterway is particularly important for global energy markets, with Reuters reporting that it previously carried about one-fifth of global oil and gas supplies. Shipments have fallen sharply since Iran restricted access in February, making any progress towards reopening the route significant for oil prices and broader inflation expectations.
Oil prices were extending their decline on Thursday as hopes for diplomatic progress reduced immediate concerns over prolonged supply disruptions. Brent crude was trading around $87.24 to $87.43 a barrel, while West Texas Intermediate was around $81.86. A stronger dollar has also added pressure to crude prices.
Silver gains
Other precious metals also moved higher alongside gold. Spot silver gained 1.7 percent to $69.28 per ounce, while platinum rose 1.1 percent to $1,848.57 and palladium increased 0.5 percent to $1,334.49.