Gold takes a breather globally, but Dubai prices keep rising

Bullion cools from a $4,059 peak, but UAE retail rates continue their steady climb

Last updated:
Nivetha Dayanand, Assistant Business Editor
24-karat climbs to Dh480.50 as bullion steadies near $3,980 after record highs this week.
24-karat climbs to Dh480.50 as bullion steadies near $3,980 after record highs this week.
Virendra Saklani/Gulf News

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.

Nivetha Dayanand
Nivetha DayanandAssistant Business Editor
Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.

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