Dubai gold drops to Dh396.75, hitting lowest price this week
Global bullion pressured by dollar gains and US trade policy shifts
DUBAI: Gold prices in Dubai declined for the fourth straight day on Friday, with 24K gold now retailing at Dh396.75 per gram, down Dh0.75 from Thursday’s rate of Dh397.50.
The cumulative drop this week stands at Dh5.75, compared to Dh402.50 on Monday.
The price of 22K gold fell to Dh367.50, down from Dh368.00 on Thursday and Dh371.00 on Wednesday. Similarly, 21K gold dropped to Dh352.50, while 18K gold is now Dh302.00, both continuing their midweek declines. The consistent downward trend reflects market caution amid broader economic signals.
Global gold market
Globally, spot gold remained mostly flat at $3,292.18 per ounce early Friday but has slipped 1.3% so far this week, with U.S. gold futures easing to $3,342.10. Analysts attributed the weakness to a rising dollar index, which hit its highest level since late May, pressuring gold by making it pricier for holders of other currencies.
Meanwhile, the US Federal Reserve kept interest rates steady in the 4.25%–4.50% range and signalled a hawkish stance, further dampening investor sentiment toward non-yielding assets like gold. Trade uncertainties also played a role after former President Trump imposed new tariffs on imports from several countries, adding pressure to global bullion markets.
Silver and platinum edge lower
Among other precious metals, spot silver declined 0.3% to $36.63 per ounce, while platinum held steady at $1,288.70. Palladium, however, edged up 0.4% to $1,195.91. All three metals were on track for weekly losses, mirroring gold’s subdued performance.