Gold prices in Dubai edged higher on Friday morning across all karats, with 22K gold reaching Dh467 per gram. Official rates put 24K at Dh504.25 a gram, 21K at Dh447.75, 18K at Dh383.75 and 14K at Dh299.25 — each karat up by Dh2.25 per gram from the previous session.
The local gains tracked a firmer global market, where spot gold rose 0.37 per cent to trade at $4,188 an ounce and silver gained 0.73 per cent to reach $61.30 an ounce. Simon-Peter Massabni, an analyst at XS.com, said gold has entered "a sensitive phase" after losing bullish momentum under pressure from a stronger US dollar and rising Treasury yields. He noted that US 10-year Treasury yields, hovering near two-decade highs, are making dollar assets more attractive to investors while raising the opportunity cost of holding gold — a combination that is capping the metal's near-term upside unless yields ease or the dollar weakens.
Markets were also looking ahead to the release of the latest US non-farm payrolls data on Friday, widely seen as one of the key near-term catalysts for bullion prices. For buyers in Dubai, where gold purchases are closely tied to global benchmark moves, the latest uptick adds a modest premium to everyday jewellery and investment purchases, coming on the heels of recent currency market swings. Jewellers in the city typically adjust counter prices within hours of international benchmark changes, meaning shoppers can expect rates to keep shifting through the day as New York trading gets underway.