Dubai gold rates slide after dollar rebounds slightly
Trade tensions cap deeper drop in precious metals
DUBAI: Gold prices in Dubai declined on Tuesday following a minor rebound in the US dollar index.
The precious metal retreated from its recent four-week high amid continued global trade uncertainty. While the dollar’s gains weighed on bullion, cautious investor sentiment prevented steeper losses.
Dubai gold rates
Dubai’s 24-carat gold rate slipped by Dh1.00 to Dh405.75. Similarly, 22-carat gold now trades at Dh375.50, also down by Dh1.00. The 21-carat variety fell by Dh2.50 to Dh358.50, while 18-carat gold declined Dh2.25, landing at Dh307.25.
Spot gold price
Globally, spot gold fell 0.3% to $3,369.98 an ounce at 02:49 GMT, retreating from its highest level since 8 May earlier in the session. Despite the dip, the metal is still trading above $3,362. US gold futures remained steady at $3,390 and were recently quoted above $3,385.10. This follows a sharp 2.7% gain in the previous session, the largest daily increase in over three weeks.
Global movement
The slight recovery in the dollar index – up from a six-week low – played a key role in the retreat of gold prices. Tensions remain high on the US–China trade front, with leaders from both countries expected to hold discussions this week. Tariffs on imported steel and aluminium are set to double to 50% on Wednesday, maintaining pressure on global markets.
Market dynamics
Elsewhere in the metals market, spot silver dropped 2.1% to $34.07 an ounce. Platinum held steady at $1,062.46, while palladium edged up 0.1% to $990.26.