Dubai gold surges Dh7.75 overnight; bullion heads for best month in 14 years
Silver set for strongest rally in five years
DUBAI – Gold prices in Dubai advanced on Tuesday, with retail rates climbing sharply across all categories compared with the previous session, according to Dubai Jewellery Group.
The city’s bullion market mirrored the strength in international prices, which touched fresh highs amid expectations of US rate cuts and political uncertainty in Washington.
Dubai gold rates
As of Tuesday, 24K gold stood at Dh466.00 per gram, higher than Monday’s Dh458.25.
The 22K category rose to Dh431.25 from Dh424.25, while 21K reached Dh413.75 compared with Dh407.00.
The 18K segment was priced at Dh354.50, also advancing from Dh348.75 the day before.
Global trends
In global markets, spot gold gained 0.9% to $3,866.90 per ounce as of 0501 GMT. US gold futures for December delivery rose 1% to $3,894.90. The precious metal has surged 12.1% so far this month, setting it on course for its strongest monthly gain since August 2011. Investor sentiment was underscored by rising holdings in SPDR Gold Trust, which climbed to their highest level in over three years.
US President Donald Trump’s meeting with Democratic leaders on Monday yielded little progress on averting a government shutdown, adding to the safe-haven appeal of bullion. Traders are also pricing in an 89% chance of a 25-basis-point Federal Reserve rate cut at the upcoming meeting, according to CME’s FedWatch tool.
Other precious metals
Spot silver edged higher by 0.3% to $47.05 per ounce, marking an 18.6% monthly gain and positioning for its best performance since July 2020. Platinum slipped 0.5% to $1,593.41, while palladium eased 0.1% to $1,266.53.