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Dubai gold prices rise above Dh500 per gram on weaker US jobs data
Analysts say that the precious metal is moving higher because the weak US jobs report has reduced the fear of another Federal Reserve rate increase
- PUBLISHED: Fri 3 Jul 2026, 11:03 AM UPDATED: Fri 3 Jul 2026, 2:44 PM
Gold prices in Dubai jumped nearly Dh9 per gram to trade above Dh500 per gram on Friday morning after weak US payroll data pushed precious metal prices above $4,100 an ounce.
The 24K gold price was trading at Dh503.5 per gram at the opening of the markets on Friday, up from Dh494.75 per gram at the close of the markets on Thursday, rising Dh8.75 per gram.
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The 22K gold price rose to Dh466.25 while 21K, 18K and 14K surged to Dh447.25, Dh383.25 and Dh299.0 per gram, respectively.
Spot gold was up 1.5 per cent at $4,173 an ounce. Silver jumped three per cent to $62.42 an ounce.
Petros Pantzari, chief dealer at Monaxa, said gold is moving higher because the weak US jobs report has reduced the fear of another Fed rate increase.
“Non-Farm Payrolls came in at only 57,000 as against 114,000 expected, showing that hiring is slowing sharply. That gives traders a reason to believe the US Federal Reserve may stay on hold or even move closer to rate cuts if the labour market weakens further. A less aggressive Fed usually means lower Treasury yields and pressure on the dollar — both supportive for gold. The unemployment rate improved to 4.2 per cent, so this is not a recession signal yet, but the big payroll miss is enough to keep gold buyers active and the dollar on the back foot,” said Pantzari.
Simon-Peter Massabni, Head of Business Development at XS.com, said gold is trying to hold above the $4,000 an ounce level.
“This rise in gold comes amid optimism about progress in the high-level negotiations to implement the memorandum of understanding between the United States and Iran,” he added.
