Dubai gold climbs to Dh504.75 as global prices aim for fourth monthly gain
Silver, platinum and palladium record strong weekly performances
DUBAI – Dubai gold prices recorded a fresh rise on Friday as 24K touched Dh504.75 per gram, according to Dubai Jewellery Group.
This marked a gain from Thursday’s Dh500.25, Wednesday’s Dh501.50, Tuesday’s Dh499.00 and last week’s Dh487.25. Similarly, 22K reached Dh467.25, 21K at Dh448.00 and 18K at Dh384.00, showing consistent upward movement through the week.
Global gold movement
Internationally, spot gold stood at $4,182.83 per ounce after climbing 0.6%, its highest since mid-November, and is set for a 2.9% weekly and 3.9% monthly rise. US gold futures were priced at $4,221.30 per ounce before CME Group halted trading due to a technical outage affecting commodities, equities, Treasuries and currency futures.
Markets priced in an 85% likelihood of an interest rate reduction in December, as tracked by the CME FedWatch Tool, a significant jump from last week’s 50%.
Statements by Federal Reserve officials this week further supported expectations of a cut, while political positioning from former president Donald Trump’s camp indicated views favouring lower rates. The US dollar headed for its weakest week since late July, increasing the appeal of dollar-priced bullion for foreign buyers. Such low-rate environments tend to benefit non-yielding assets like gold.
Other precious metals
Other precious metals also registered strong movements. Spot silver rose 1% to $53.97 per ounce and advanced 7.9% for the week. Platinum gained 1.9% to $1,638.03 with an 8.7% weekly increase. Palladium slipped 0.5% to $1,431.08 but is still positioned for a 4% weekly gain.