Gold’s winning streak continues: Dubai 24-karat price climbs to Dh440.5, 22k hits Dh408

Dubai: Gold prices in Dubai rose incrementally on Friday morning, with 22-karat gold staying above Dh400 per gram for the sixth straight day. It opened at Dh408 per gram. Meanwhile, the price of 24-karat gold touched Dh440.5 per gram early Friday morning.

Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait.

Meanwhile, the Indian gold rate for 24-carat gold has also risen to ₹11,127 per gram, and the rate for 22-carat gold is about ₹10,200 per gram on Friday. 

Global markets

Gold is headed for a fourth weekly gain on expectations that the Federal Reserve is poised to lower US interest rates, with prices aided by inflows into bullion-backed exchange-traded funds, according to Bloomberg reports.

Bullion rose toward $3,650 an ounce, up almost 2 per cent this week, after setting a record in Tuesday’s session.

Silver, which can move in tandem, topped $42 an ounce to hit its highest since 2011.

On Thursday, data showed US consumer prices rose as expected in August, handing Fed policymakers the leeway to reduce borrowing costs after a string of weak labour-market prints.

Gold has rallied by 39 per cent this year, making it one of the best-performing commodities, and outpacing other market gauges, including the S&P 500 Index.

Central-bank buying, geopolitical uncertainties, and inflows into ETFs have supported the surge. In addition to setting a nominal record this week, gold has also surpassed its inflation-adjusted peak set more than 45 years ago.