Brief
Dubai gold prices climb as US Treasury yields ease and oil prices dip
Gold in Dubai rose about Dh7 per gram, with 24‑karat gold back above Dh500, as lower US yields and softer oil prices boosted demand.
By Felo News Desk · Published
Gold in Dubai surged overnight, gaining more than 1% to trade near $4,180 per ounce, after a strong demand surge at a 30‑year US Treasury auction pulled long‑dated yields down, Gulf News reported on Oct. 9.
In the UAE market the price of 24‑karat gold rose roughly Dh7 per gram to Dh504.50, moving back above the Dh500 mark. The 22‑karat and 18‑karat grades also rose, reaching Dh467 and Dh384 per gram respectively.
Lower Treasury yields eased pressure on the non‑interest‑bearing metal, while falling oil prices added further support. Christopher Wong, a strategist at Oversea‑Chinese Banking Corp, told Bloomberg that the calmer US Treasury market “provided an opportunity for some buying to return.”
Silver, platinum and palladium also posted gains, and the Bloomberg Dollar Spot Index slipped slightly.
Key facts
- Dubai 24‑karat gold rose to Dh504.50 per gram, up about Dh7. (gulfnews.com)
- Spot gold traded near $4,180 per ounce, up over 1%. (gulfnews.com)
- US 30‑year Treasury auction lowered long‑dated yields, easing pressure on gold. (gulfnews.com)
- Lower oil prices contributed to the gold rally. (gulfnews.com)
- Christopher Wong said calmer Treasury conditions opened buying opportunities. (gulfnews.com)
Sources
- [1] gulfnews.com — originally reported as “Dubai Gold Prices Surge as Treasury Yields Ease and Oil Prices Cool”
