Dubai gold holds Dh541.50 While silver plunges 27pc globally
Jewellery demand meets silver retreat as margin changes shake markets
DUBAI – Dubai gold prices opened firm on Monday even as international bullion markets remained under intense pressure following last week’s historic sell-off.
Rates issued by the Dubai Jewellery Group placed 24K gold at Dh541.50 per gram, keeping local retail pricing elevated despite global volatility. Market activity across the UAE reflects heightened investor repositioning after sharp movements in both gold and silver.
Suggested retail prices showed 22K at Dh501.50, 21K at Dh480.75, 18K at Dh412.25 and 14K at Dh321.50 per gram. Traders reported brisk exchange activity as residents adjusted holdings after recent record highs in international markets. The local market traditionally reacts with a lag to global futures swings, providing short-term price stability at the retail level.
Global gold slide
Spot gold extended losses, falling 3.6% to $4,686.51 per ounce in early trade, after dropping more than 9% on Friday – the steepest single-day fall since 1983. US gold futures for April delivery slipped to $4,707.60. Prices remain over $900 below Thursday’s record high of $5,594.82. The downturn followed margin requirement increases by CME Group across metal futures contracts, intensifying liquidations among leveraged traders.
Silver shock
Silver markets recorded even sharper turbulence. Spot silver, after plunging 27% in the previous session – its worst daily fall on record – declined a further 6.7% to $78.96 per ounce. Margin hikes lifted COMEX gold futures margins to 8% from 6%, while silver futures rose to 15% from 11%, adding pressure on speculative positions.
Platinum dropped to $2,067.06 per ounce and palladium eased to $1,620.18, tracking broader precious metals weakness as dollar sentiment and rate expectations shifted.