Dubai gold slips Dh1.25 despite 6% monthly global surge
Silver climbs 1.6% as monthly rally builds
DUBAI – Dubai gold rates edged lower on Friday, with 24K falling to Dh624.50 per gram, according to the Dubai Jewellery Group.
The move marks a Dh1.25 decline from Thursday’s Dh625.75, keeping prices within a narrow band seen throughout the week. Despite the minor dip, bullion remains elevated compared to levels earlier this month.
The latest rates show 22K at Dh578.25, 21K at Dh554.50, 18K at Dh475.25 and 14K at Dh370.75 per gram.
Weekly trend in Dubai
On Thursday, 24K stood at Dh625.75 before easing back to Friday’s Dh624.50. Wednesday’s rate matched Friday at Dh624.50, while Tuesday recorded Dh622.75 and Monday Dh621.75 per gram. Across the five-day span, 24K gold has moved within a Dh4 range, reflecting relative stability despite global volatility.
Lower karats followed a similar pattern. 22K fluctuated between Dh575.75 on Monday and Dh579.25 on Thursday before settling at Dh578.25. The week’s price action underscores cautious buying patterns in the local retail market.
Global gold markets
Internationally, spot gold edged up 0.1% to $5,192.19 per ounce on Friday, while US gold futures for April delivery rose 0.3% to $5,209.20. The metal is set for a monthly gain of over 6%, marking its seventh consecutive month of advances.
A fall in the benchmark US 10-year Treasury yield to a three-month low reduced the opportunity cost of holding non-yielding bullion. However, muted safe-haven flows capped stronger gains as investors assessed developments in US-Iran negotiations in Geneva. Broader uncertainty linked to US trade policy under President Donald Trump has also underpinned bullion demand this month.
The dollar is on track for a 0.6% monthly rise amid expectations of at least three 25-basis-point Federal Reserve rate cuts this year, according to CME FedWatch data. A firmer dollar typically makes gold more expensive for holders of other currencies.
Asia demand
In India, gold discounts widened to their deepest level in ten months as higher prices dampened retail demand. Dealers offered discounts of up to $65 per ounce over official domestic prices, compared to last week’s $18. Domestic gold traded around 160,000 rupees per 10 grams on Friday, rebounding from 133,687 rupees earlier this month, with wedding-season demand remaining subdued.
China, by contrast, reported firmer premiums of $12 to $13 an ounce above global spot prices following the Lunar New Year holiday, signalling stronger physical demand. Other Asian hubs also recorded improving premiums.
Other precious metals
Among other precious metals, spot silver rose 1.6% to $89.73 per ounce and is heading for a 6.1% monthly gain.
Platinum climbed 5.2% to $2,260.09, a four-week high, while palladium advanced 2.3% to $1,825.29, reflecting broad-based strength across the metals complex.