Dubai gold climbs slightly with 24K priced at Dh556 per gram
Silver prices surge amid strong demand and tightening supply outlook
DUBAI – Dubai’s gold market continues to reflect its status as a global pricing hub, where retail rates closely track international bullion trends while remaining a key attraction for residents and tourists.
Prices are issued daily by the Dubai Jewellery Group, offering a benchmark across the emirate’s busy souks and malls.
Movements in recent sessions underline how quickly sentiment can shift, driven by geopolitical developments and currency fluctuations.
Dubai gold rates
On Saturday, May 2, retail gold prices edged slightly higher, with 24K at Dh556.00 per gram, 22K at Dh514.75, 21K at Dh493.50 and 18K at Dh423.00, while 14K stood at Dh330.00. The marginal rise follows Friday’s levels of Dh555.50 for 24K and Dh514.25 for 22K, indicating a steady but cautious upward movement.
Looking back over the week, Dubai gold rates have shown notable volatility. On Thursday, 24K dropped to Dh547.25 before rebounding, while Wednesday recorded Dh554.75. Earlier in the week, Tuesday saw prices at Dh562.50 and Monday at Dh569.50, marking the highest point in the six-day period. The overall trajectory shows a decline of Dh13.50 from Monday’s peak to Saturday’s level, despite intermittent recoveries.
Global trends
Internationally, gold prices moved slightly higher after reversing earlier losses, with spot gold trading at $4,627.63 per ounce, recovering from an intraday low of $4,559.48. The rebound followed reports that Iran submitted a proposal for negotiations via Pakistan, raising hopes of easing geopolitical tensions linked to the conflict involving the United States and Israel.
The US dollar weakened against major currencies, making gold more attractive to overseas buyers. At the same time, oil prices eased amid optimism over potential talks, although they remain on track for weekly gains. Concerns around inflation persist, particularly with energy markets influenced by developments around the Strait of Hormuz, a critical global supply route.
Expectations around monetary policy also remain in focus after the Federal Reserve held interest rates steady, maintaining a cautious stance that has tempered bullish momentum in bullion markets.
Other precious metals
Among other precious metals, silver recorded a strong rally, rising 3% to $75.91 per ounce, supported by supply constraints and robust industrial demand.
Platinum edged up to $1,992.05, while palladium gained to $1,532.79, reflecting broader strength across the metals complex even as gold navigates mixed signals.