Dubai gold update: 24-karat sees minor drop to Dh438.75 on weekend close

Dubai: Gold prices in Dubai dropped by Dh 2 over the weekend (Saturday evening), with 24-karat gold hitting Dh 438.75 per gram compared to the Dh440 it was on Saturday. Prices stayed steady throughout Saturday.

Meanwhile, 22-karat gold opened and closed at Dh406.25 per gram, a drop of Dh1 from Dh407.25 on Friday.

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

Meanwhile, the Indian gold rate for 24-carat gold has dropped to ₹11,116 per gram from ₹11,127 on Friday, and the rate for 22-carat gold is about ₹10,190 per gram on Saturday evening (from ₹10,200 on Friday).  

Globally, spot gold was trading at $3,643.1 per ounce on Saturday afternoon, a slight drop from Tuesday’s record of $3,673.95.

Bullion has advanced 1.7 per cent this week and is heading for a fourth consecutive weekly gain.

Gold prices on the global market have been following a similar upward trend, setting the stage for their fourth consecutive weekly rise. This rally is being driven by several key factors, including growing speculation that the U.S. Federal Reserve might cut interest rates sooner than expected.

Lower interest rates typically make non-yielding assets like gold more attractive to investors. Additionally, ongoing geopolitical tensions are prompting investors to seek safe-haven assets, with gold being a primary choice.