Dubai gold hits Dh453.25; weekly trend shows sharp fluctuations
Silver, platinum jump amid safe‑haven flows
DUBAI’s 24 K gold jewellery price on Saturday stands at Dh453.25 per gram, up from Dh451.50 on Friday.
The weekly movement shows Thursday at Dh450.25, Wednesday Dh454.25, Tuesday Dh451.00, and Monday Dh444.75. Similarly, 22 K gold rose to Dh419.50, 21 K to Dh402.25, and 18 K to Dh345.00, reflecting consistent gains across all categories.
Trend shifts
After peaking midweek on Wednesday, Dubai gold slightly eased on Thursday before strengthening again on Friday and Saturday. The 24K rate’s upward trend reflects both local demand and global market movements.
Global bullion
Spot gold traded around $3,778.62 per ounce, climbing 0.8% on Friday after US inflation data met expectations. This reinforced investor confidence that the Federal Reserve may continue with interest rate cuts later this year. Gold has risen about 2.5% over the week, touching a record $3,790.82 earlier.
Other precious metals
Silver surged 2.6% to $46.41 per ounce, marking an over 14‑year high, while palladium gained 2.8% to $1,284.77 per ounce. Platinum rose 2.5% to $1,568.21, its highest in more than 12 years. Analysts attribute the rally to investors seeking alternatives amid elevated gold prices, as well as increased industrial demand such as silver’s use in solar cells.
Policy and market factors
US economic indicators and Federal Reserve guidance remain closely watched. Investors now see an 88% probability of a rate cut in October and a 65% chance of another in December.
On the trade front, President Donald Trump announced new tariffs on imported drugs, trucks and furniture effective 1 October, adding further safe‑haven appeal to precious metals.