Dubai gold hits Dh415.50 for 24K, rises Dh7 in two days
Indian jewellers increase purchases ahead of festive season demand
DUBAI gold prices rose on Saturday, with 24K trading at Dh415.50 per gram compared with Dh410.75 on Friday and Dh408.50 on Thursday.
Similarly, 22K stood at Dh384.75, 21K at Dh368.75, and 18K at Dh316.25.
The upward movement marks a steady climb in Dubai over the past three days.
Indian demand
In India, physical gold demand picked up slightly this week despite higher prices, as jewellers began stocking ahead of the festive season of Dussehra and Diwali. Local dealers charged a premium of up to $4 per ounce over domestic prices, which include 6% import and 3% sales levies. This was a marked shift from last week, when premiums ranged from a $2 discount to a $3 premium.
Domestic gold prices hovered around 102,000 rupees per 10 grams on Friday, after reaching a record 102,250 rupees earlier this month.
Regional markets
China, the world’s top gold consumer, saw bullion trade at par to a $5 premium per ounce over the global spot benchmark. The Shanghai Gold Exchange reported weak activity, with limited interest from speculators and retail investors, while the absence of new import quotas further dampened flows.
In Hong Kong and Singapore, gold was sold at par to a premium of $2.50 an ounce, while in Japan it traded in line with spot prices.