Dubai gold dips below Dh600 Per gram, down Dh11 in 24 hours
Dubai: Gold prices slipped on Monday to below a six-month peak, and 24-carat was trading at Dh599.75 in the international market per gram.
Gold in Dubai fell but remained below the Dh600 a gram mark on Friday morning after the yellow metal penetrated through USD5,000 an ounce barrier very quickly to close at near one-week low.
24K gold price dropped to Dh599. 75 per gram at the start of Dubai markets on Friday, compared to Dh610. 75 a gram as of Thursday morning, shedding Dh11 per gram in 24 hours.
Other variations of the yellow metal mirrored the trend with 22K and 21 trading at Dh175, while 18K is followed by Dh180 while 14K is at Dh125. 25, Dh532. 5, Dh456. 5, and Dh356. 0 per gram, respectively.
Spot gold was up 0.3% to $4,977.92 per ounce, rebounding from an almost one-week low. It was one per cent higher at 9.15 am UAE time.
Gold fell more than three per cent on Thursday to its lowest in nearly a week below the key $5,000-an-ounce level as selling accelerated following a stock rout.
Investors are eagerly awaiting critical US inflation figures for a steer on the direction of interest rates after strong jobs numbers led to speculation that cuts could be off the cards.
The positive Tuesday reading, was a big surprise for markets, with the U.S. reporting 130,000 jobs added in January versus estimates for just 07,000 aides.
“Such headlines can drive some profit-taking in both gold silver from key resistance levels. The data dovetailed with the Fed’s caution, and traders pushed back expectations for another rate cut to July from June. But total job growth for all of 2025 was revised from 584,000 to 181,000 (an average gain of just 15,000 jobs a month). “This will act as a floor for both metals,” said Vijay Valecha, chief investment officer at Century Financial.
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