Dubai gold rates rise Dh8.25 per gram as weekly trend shifts
Precious metals trend mixed as silver gains momentum
DUBAI – Dubai’s gold market remains a global benchmark for retail bullion pricing, where daily rates mirror the interplay of international forces and local demand.
From tourists and investors to jewellery buyers, the emirate’s pricing structure is closely watched for its transparency and responsiveness to global shifts.
This week, gold rates in Dubai have reflected a mix of volatility and recovery, shaped by movements in oil prices, inflation expectations and geopolitical tensions.
Dubai gold rates
On Friday, May 1, retail gold prices in Dubai moved higher compared to the previous session. The rate for 24K gold reached Dh555.50 per gram, while 22K stood at Dh514.25. Meanwhile, 21K was priced at Dh493.25 and 18K at Dh422.75, with 14K recorded at Dh329.75 per gram.
A comparison with earlier days shows a fluctuating trajectory across the week. On Thursday, April 30, 24K gold was priced at Dh547.25 per gram, marking an increase of Dh8.25 on Friday. Rates earlier in the week indicate a broader downward trend before the latest rebound.
On Wednesday, April 29, 24K gold stood at Dh554.75, while Tuesday, April 28 saw higher levels at Dh562.50. The week began on Monday, April 27, with the highest recorded price of Dh569.50 per gram for 24K gold. This reflects an overall decline through midweek, followed by a modest recovery heading into Friday.
Similar patterns were observed across other purities. For instance, 22K gold moved from Dh527.25 on Monday down to Dh506.75 on Thursday before rising again to Dh514.25. The consistent midweek dip highlights the influence of global pressures on local pricing.
Global trends
Internationally, gold prices remained largely steady but were on track for a weekly decline. Spot gold hovered near $4,614.98 per ounce, reflecting a drop of around 2% over the week and touching a one-month low earlier.
Market activity remained subdued due to holidays in major gold-consuming nations such as China and India, resulting in thinner trading volumes. At the same time, geopolitical tensions intensified as Iran signalled potential retaliation against US positions, reiterating its stance over the Strait of Hormuz.
Oil prices played a critical role in shaping sentiment, with Brent crude holding above $110 per barrel. Rising energy costs have pushed inflation higher, particularly in the United States, where March data showed the strongest annual increase in around three years. This has led to expectations that interest rates may remain elevated for longer, reducing the appeal of non-yielding assets like gold.
Central banks, including the Federal Reserve, the European Central Bank and the Bank of England, maintained interest rates, reinforcing a cautious outlook amid persistent inflation risks.
Other precious metals
In the wider precious metals market, silver showed gains, rising 0.4% to $73.99 per ounce. Platinum, however, edged lower to $1,981.25, while palladium posted a slight increase to $1,525.36.