Dubai gold rallies Dh17 in a day as 24K reaches Dh567
Silver dips below $75 while gold steadies near recent highs
DUBAI – Dubai gold rates rise sharply on Wednesday, with retail prices climbing across all categories, extending gains seen earlier this week.
The latest figures from Dubai Jewellery Group show a notable jump compared to both Tuesday and Monday, reflecting strong global cues.
The upward movement comes as international markets react to geopolitical developments and currency shifts.
Dubai gold rates
Dubai’s suggested retail gold jewellery rates as of Wednesday, April 1:
- 24K: Dh567.00
- 22K: Dh525.25
- 21K: Dh503.50
- 18K: Dh431.50
- 14K: Dh336.50
This marks a sharp rise from Tuesday, March 31, when 24K stood at Dh549.75, and from Monday, March 30, when it was Dh542.00. Over two days, 24K gold has gained Dh25 per gram, signalling renewed momentum in the local market.
Across other categories, similar increases were recorded. The 22K rate climbed from Dh501.75 on Monday to Dh525.25 on Wednesday, while 18K moved from Dh412.50 to Dh431.50 over the same period.
Weekly trend
Last week saw relatively volatile pricing, with gold under pressure globally following a steep March decline. The metal had dropped more than 11% during the month, marking its sharpest fall since October 2008. In Dubai, this translated into softer retail rates earlier, before the current rebound began.
The latest rise indicates a shift in sentiment, with buyers in the UAE witnessing a quick turnaround in prices within days.
Global gold markets
Internationally, gold held steady near a two-week high on Wednesday. Spot gold was up 0.2% at $4,678.36 per ounce after touching $4,723.21 earlier, its highest since March 20. US gold futures also gained to $4,713.40.
Market sentiment has been shaped by developments surrounding US President Donald Trump’s remarks that the conflict with Iran could wind down within weeks. Reports of possible de-escalation have weighed on the dollar, which slipped from recent highs, making gold more affordable globally.
At the same time, oil prices remain elevated due to concerns over supply disruptions linked to infrastructure damage in the region, particularly around the Strait of Hormuz. Higher oil prices continue to fuel inflation expectations, influencing interest rate outlooks and investor positioning in bullion.
Other precious metals
Other precious metals showed mixed movement. Spot silver fell 1.1% to $74.31 per ounce, while platinum rose to $1,952 and palladium edged up to $1,478.96.