Dubai Gold Rates Continue Upward Trend
Dubai's gold market continued its upward trend for the second consecutive day on Friday, with all major gold categories recording gains from the previous session. The Dubai Jewellery Group listed 24K gold at Dh491.75 per gram, up Dh4.25 from Thursday's rate of Dh487.50. This follows a volatile trading week shaped by currency movements, interest rate expectations, and geopolitical developments.
The latest increase pushes prices close to levels seen at the beginning of the week. Global markets saw spot gold slip 0.6 percent to $4,076.53 an ounce in early trading on Friday, while US gold futures for August delivery eased 0.4 percent to $4,074.20. Despite the decline, spot gold remained on course for its first monthly gain in five months.
The US dollar rebounded around 0.3 percent after suffering its biggest single-day fall since January 2023 on Thursday. A stronger dollar generally weighs on gold by making the metal more expensive for buyers using other currencies. Markets also continued to digest the US Federal Reserve's decision to leave interest rates unchanged earlier this week.