Dubai Gold Prices Soar to Seven-Week High Amid Global Market Upturn
Dubai's gold market continued its upward momentum on Friday, driven by firm global prices and easing oil markets. Retail jewellery prices climbed further, with the latest prices published by the Dubai Jewellery Group reflecting another day of gains across all major purities.
The rally has been driven by a combination of factors, including higher global gold prices, lower crude oil prices, and heightened investor focus on US economic data. The Dubai Jewellery Group's suggested retail rates issued on Friday showed 24K gold rising to Dh514.00 per gram, while 22K gold increased to Dh476.00 per gram.
The broader trend over the week has been significantly stronger, with gold prices jumping sharply across all purities. On Wednesday, gold prices had already jumped to Dh498.50 for 24K, Dh461.50 for 22K and Dh379.25 for 18K. Tuesday's rates remained unchanged from Monday at Dh489.75, Dh453.50 and Dh372.75 respectively.
US President Donald Trump said he believed the conflict involving Iran could end soon, easing concerns over supply disruptions and helping pull oil prices lower. The Strait of Hormuz, a critical route for global oil shipments, remained in focus as investors monitored developments across the Middle East.