Gold takes a breather globally, but Dubai prices keep rising

Dubai: Gold in Dubai nudged up on Friday, with 22-karat quoted at Dh445 per gram (versus Dh441.25 Thursday evening) and 24-karat touching Dh480.50 (versus Dh476.75).

(Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait.) Meanwhile, the India, 24-karat remained steady at ₹12,415 per gram, and 22-karat at ₹11,380, unchanged from Thursday evening levels. 

On international markets, gold held near $3,980 an ounce after tumbling 1.6 % in the prior session. The pullback follows a torrid run: the metal surged to a record high of $4,059.31 mid-week before technical indicators flashed overbought conditions. Meanwhile, silver gave back gains after touching $51.235, ending its rally stretch that had pushed it toward the highest levels since 1980.

Analysts say the retreat reflects profit-taking after a four-day advance and rebalancing by risk-management strategies. Some investors also cashed out positions to cover losses in equities, causing gold to weaken alongside broader markets. Still, gold is on course for a rare eighth straight weekly gain.

The broader precious metals complex remains supported by a mix of global uncertainty, rising debt pressures, and a weakening US dollar.

Central banks continue to shift reserves toward bullion, and recent inflows into gold ETFs have lent institutional support to prices.

Looking ahead, support for gold may firm if the Federal Reserve signals rate cuts amid slowing growth. Some market watchers forecast further upside toward $4,100, while silver remains vulnerable to pullbacks if industrial demand softens.