Dubai gold prices climb Dh1.5 as global markets rebound
Silver steady, platinum gains, palladium dips in volatile session
DUBAI gold prices climbed Dh1.5 on Wednesday, tracking a modest global rebound as investors responded to easing geopolitical tensions and awaited key US economic data.
The upward move follows a brief dip, giving local buyers and traders a renewed sense of activity.
Global bullion markets also edged up as spot gold saw a mild recovery from Tuesday’s slide.
Uptick in Dubai
In Dubai’s retail market, 24-carat gold was priced at Dh398.00 per gram, up from Dh396.50 a day earlier. Prices for other categories also moved higher: 22-carat reached Dh368.50, 21-carat touched Dh351.75, and 18-carat stood at Dh301.50 per gram.
The increase comes as local demand adjusts in line with shifting international cues.
Global recovery
Globally, spot gold gained 0.3 percent to trade at $3,308.99 an ounce as of 02:37 GMT, rebounding slightly after a 1 percent drop in the prior session. US gold futures were also up 0.2 percent, trading above $3,321. Despite this, overall gains were restrained due to improved risk appetite stemming from relaxed US-EU trade tensions.
The easing of rhetoric around US tariffs on European imports, now delayed until July 9, helped cool investor anxiety. Attention now turns to the upcoming release of the US core Personal Consumption Expenditures (PCE) report, which could influence Federal Reserve interest rate decisions. The Fed’s current rate remains at 4.25 to 4.50 percent, unchanged since December.
Other precious metals
In other markets, spot silver held steady at $33.31 an ounce. Platinum prices rose 0.4 percent to $1,084.07, while palladium declined by 0.2 percent, trading at $976.22.