Dubai gold prices regain ground as 24K rises to Dh487.50
Silver jumps alongside precious metals on weaker US dollar
DUBAI – Dubai's gold market remained firmly in focus on Thursday after retail jewellery prices edged higher, reflecting renewed strength in international bullion markets.
The latest rates released by Dubai Jewellery Group showed gains across major gold categories following Wednesday's increase.
The move comes as global investors reacted to the US Federal Reserve's latest policy decision, a weaker US dollar and renewed geopolitical tensions in the Middle East.
Dubai gold rates
According to the Dubai Jewellery Group, the suggested retail price for 24K gold on Thursday, July 30, stands at Dh487.50 per gram, up from Dh485.25 on Wednesday.
22K gold increased to Dh451.50 per gram, compared with Dh449.25 a day earlier, while 18K gold climbed to Dh371.00 per gram from Dh369.25.
The latest increase follows several days of movement in both directions. On Tuesday, July 28, prices stood at Dh487.00 for 24K, Dh451.00 for 22K and Dh370.50 for 18K. Earlier in the week, on Monday, July 27, rates were higher at Dh492.75, Dh456.25 and Dh375.00 respectively.
Compared with Wednesday, Thursday's prices rose by Dh2.25 per gram for 24K, Dh2.25 for 22K and Dh1.75 for 18K. However, they remain below Monday's levels after the sharp decline seen at the beginning of the week.
Global markets
International gold prices surged after the US Federal Reserve kept benchmark interest rates unchanged. Spot gold rose about 2 percent to $4,101.99 per ounce, having earlier touched $4,116.26, its highest level since July 23. US gold futures for August settled around $4,036.30 per ounce.
The Fed's decision weighed on the US dollar, which fell against the euro, making gold more affordable for buyers using other currencies. US Treasury yields also eased following the announcement, providing additional support for bullion.
Investors are now awaiting the release of the US Personal Consumption Expenditures inflation data for further clues on the Federal Reserve's next policy move. Markets have also been watching the Bank of England and the Bank of Japan, both widely expected to leave interest rates unchanged while assessing inflation risks.
Geopolitical uncertainty continued to underpin safe-haven demand. Rising tensions involving the US and Iran, concerns over regional stability, and continued attention on energy supplies and the Strait of Hormuz helped support oil prices, adding to broader inflation concerns that typically benefit gold.
Other precious metals
Other precious metals also advanced strongly during global trading. Spot silver climbed 3.2 percent to $58.96 per ounce, outperforming gold during the session.
Platinum gained 1.9 percent to $1,636.10 per ounce, while palladium rose 1 percent to $1,281.75 per ounce, reflecting broad-based buying across the precious metals market as investors balanced monetary policy expectations with geopolitical developments and movements in the US dollar.