Dubai gold slips below Dh545 as global markets track Iran risks
Silver gains as investors monitor geopolitical tensions and inflation
DUBAI – Dubai’s gold market opened the week with lower retail prices, offering shoppers a slight respite after recent gains.
The latest rates released by the Dubai Jewellery Group showed declines across all major categories, reflecting movements in international bullion markets.
The adjustment comes as investors worldwide assess geopolitical developments in the Middle East, a stronger US dollar and rising energy prices.
Dubai gold rates
According to the Dubai Jewellery Group’s suggested retail rates for June 1, 24K gold was priced at Dh544.00 per gram, while 22K stood at Dh503.75, 21K at Dh483.00, 18K at Dh414.00, and 14K at Dh323.00.
The latest figures mark a decline from previous sessions. On Wednesday, 24K gold was trading at Dh547.50 per gram, before easing to Dh544.00. Tuesday’s rate stood at Dh544.75, while Monday’s level was slightly higher than the current price. The latest move highlights the continued day-to-day fluctuations that have characterised Dubai’s gold market in recent weeks.
Global markets
Internationally, gold edged lower at the start of the week as a stronger dollar reduced the appeal of the precious metal for holders of other currencies. Spot gold traded around $4,521.25 per ounce, down 0.3 percent, while US gold futures for August delivery slipped to $4,551.60 per ounce.
Market attention remained focused on developments involving the United States and Iran. Investors are awaiting a decision from US President Donald Trump on a proposed arrangement aimed at extending a ceasefire with Iran. At the same time, reports of military activity involving US and Iranian forces, along with renewed operations linked to regional conflicts, have kept geopolitical risks firmly in focus.
Oil prices climbed more than 2 percent in early trading, adding another layer of uncertainty. Higher crude prices can fuel inflation concerns, which in turn influence expectations for interest rates. Gold is traditionally viewed as a hedge against inflation, but higher interest rates tend to reduce demand for non-yielding assets such as bullion.
Other precious metals
While gold softened, other precious metals moved higher. Spot silver rose 0.7 percent to $75.81 per ounce, extending its recent strength. Platinum gained 1.5 percent to $1,945.15 per ounce, while palladium advanced 1.4 percent to $1,372.75 per ounce.