Dubai gold prices climb to Dh503 per gram as global markets steady

Dubai gold prices rise to Dh503 per gram

On Friday morning, 24-karat gold in Dubai was trading at Dh503.0 per gram, up from Dh500.75 at the Thursday close, marking an increase of just over Dh2 per gram in early trade.

Other karat values and global spot price

At the same time, 22-karat gold sold for Dh466.9 per gram, 21-karat for Dh446.75 per gram and 18-karat for Dh363.0 per gram. Spot gold was quoted at $4,173 per ounce at 09:30 UAE time.

Julius Baer analyst on US inflation and Fed policy

Carsten Menke, Head of Next Generation Research at Julius Baer, said a higher-than-expected US inflation figure released earlier in the week revived concerns that the Federal Reserve might raise interest rates again, which in turn pressured gold and silver prices.

He added: “Beyond these short-term and typically sentiment-driven moves, we believe the fundamental backdrop remains unchanged. We see limited short-term upside for gold and silver as long as the Fed remains in inflation-fighting mode. In the longer term, growing concerns about US indebtedness and the associated interest burden should provide support. The gold/silver ratio is now back at levels we consider reasonable, prompting us to close our long position.”

Menke also noted that the gold and silver markets reacted negatively to the inflation data, stating: “A higher headline number, which includes energy prices, reinforced fears of further interest rate increases by the US Federal Reserve. Gold was down as much as 2% after the release, while silver fell twice as much. Beyond these short-term moves, which are typically sentiment-driven, we believe the fundamental backdrop for gold and silver remains unchanged. We see limited upside as long as the Fed is in inflation-fighting mode. The downside should be limited as well, assuming that the Fed will raise interest rates less frequently than currently priced into money markets.”

The story was published on Fri 16 Oct 2026, 9:41 AM.