Dubai gold rates ease after Dh9 decline in 24K
Silver tumbles over 5% amid global market jitters
DUBAI – Dubai gold prices declined on Tuesday, with rates falling across all major karats, according to the Dubai Jewellery Group.
The drop mirrors softer global bullion prices as a stronger dollar tempered safe-haven demand triggered by escalating tensions in the Gulf.
Investors are closely watching developments following US and Israeli strikes on Iran.
Dubai gold rates
The price of 24K gold stood at Dh639.75 per gram on Tuesday, down Dh9.25 from Dh649.00 on Monday.
Among other categories, 22K slipped to Dh592.50 per gram from Dh601.00, marking a Dh8.50 decline. The 21K variant eased to Dh568.00 from Dh576.25, while 18K fell to Dh486.75 from Dh493.75. The 14K rate dropped to Dh379.75 compared to Dh385.25 a day earlier.
The across-the-board decline reflects movements in international bullion markets, where prices retreated after a sharp rally at the start of the week.
Global gold markets
Spot gold was down 0.4% at $5,305.23 per ounce as of 0646 GMT, after climbing to a more than four-week high on Monday. US gold futures for April delivery edged 0.3% higher to $5,326.40.
The dollar hovered near a more than five-week high, making dollar-denominated assets such as gold more expensive for overseas buyers. Inflationary concerns and firm demand have supported the greenback, limiting further upside in bullion despite geopolitical risks.
Tensions intensified after Iran warned it had closed the strategic Strait of Hormuz, threatening to fire on ships attempting to pass through the key oil transit route. The conflict escalated following strikes ordered by US President Donald Trump, raising fears of wider regional disruption.
Other precious metals
Silver plunged 5.8% to $84.25 per ounce after touching a more than four-week high in the previous session. Platinum fell 4.4% to $2,200.89, while palladium declined 1.2% to $1,745.26.
The pullback in precious metals comes as markets balance safe-haven flows against currency strength, with investors continuing to monitor developments in the Gulf and movements in the dollar.