Dubai Gold Jumps to Dh598.25 as Market Stays Volatile

Dubai gold prices increased on Saturday, continuing a highly volatile week in the local bullion market, according to the Dubai Jewellery Group.

The rise comes after sharp price swings throughout the week, mainly influenced by global gold movements, investor activity and currency changes. Retail buyers in Dubai remained focused on daily rate changes as international markets stayed highly reactive.

Dubai Gold Rates (Saturday)

• 24K: Dh598.25

• 22K: Dh554.00

• 21K: Dh531.25

• 18K: Dh455.25

• 14K: Dh355.25

Weekly Price Movement

Gold prices fluctuated strongly across the week. On Friday, February 6, 24K gold was priced at Dh584.00 per gram, after falling from Dh593.25 on Thursday.

Earlier in the week, prices reached a peak on Tuesday at Dh611.75, before easing to Dh594.25 on Wednesday. The sharpest fall was seen on Monday, when 24K dropped to Dh541.50.

Overall, the weekly movement ended with 24K gold up by Dh56.75, showing continued volatility rather than a stable trend.

Global Gold Market Update

Internationally, gold regained upward momentum toward the end of the week and traded near $4,960 per ounce, after briefly dropping below $4,500 earlier in the period.

The rebound was supported by a weaker US dollar index, which made gold cheaper for overseas buyers. Safe-haven demand also returned due to ongoing geopolitical tensions, including concerns linked to Iran and uncertainty over US trade tariffs.

China’s Role in Gold Demand

China remained a major driver in global bullion markets. The country’s central bank extended its gold buying for the 15th consecutive month in January, pushing total reserves to 74.19 million fine troy ounces.

The value of China’s gold reserves jumped to $369.58 billion, highlighting strong official demand even as consumer jewellery demand softened.

Silver and Other Metals

Silver saw even bigger swings than gold. Spot silver rose 5.3% to $74.98 per ounce, after falling below $65 during Asian trading. Despite the recovery, silver was still on track for its sharpest weekly decline since 2011.

Meanwhile:

• Platinum climbed to $2,052 per ounce

• Palladium rose to $1,695.18

However, both remained set for weekly losses.

Heavy retail trading, especially in China, continued to increase volatility across precious and industrial metals, keeping price movements sharp and closely watched.