Dubai gold prices jump Dh11.25 to Dh498.75 per gram ahead of Dhanteras

Gold prices jumped by more than Dh11 per gram to a two-week high on Thursday morning, with 24K gold inching closer to Dh500 per gram. Data from the Dubai Jewellery Group showed 24K gold trading at Dh498.75 per gram at the market open on Thursday, up from Dh487.50 per gram on Wednesday. Similarly, 22K, 21K, 18K and 14K gold prices rose to Dh461.75, Dh442.75, Dh379.50 and Dh296 per gram, respectively. Spot gold rose 5.3 per cent, or $211, to $4,141 an ounce, while silver jumped 6.8 per cent to $53.11 an ounce. Gold had recently fallen below $4,000 an ounce. Prices climbed ahead of the Indian festivals of Dhanteras, which falls on Friday, November 6, and Diwali, which will be celebrated on Sunday, November 8. Dhanteras is traditionally associated with buying gold, silver and jewellery as symbols of prosperity, good fortune and new beginnings. The festival brings a seasonal boost to Dubai and the wider UAE's gold and jewellery market, with Indian expatriates and other residents visiting jewellery stores to purchase gold coins, bars, necklaces and other ornaments. Dubai, known as the City of Gold, remains a popular destination for Dhanteras shopping, offering a wide selection of jewellery designs, competitive pricing and tax-efficient shopping. Retailers typically attract customers with special promotions, making the festival an important period for the UAE's gold trade.