Dubai gold slips across all karats with Dh1 drop from weekend
Silver edges higher amid global market uncertainty
DUBAI – Dubai’s gold market opened the week with marginal declines across all major karats, reflecting softer global trends and cautious investor sentiment.
The emirate’s retail gold rates, guided by the Dubai Jewellery Group, remain closely aligned with international price movements, currency shifts and geopolitical developments.
Despite the dip, prices continue to hover near elevated levels, underpinned by persistent uncertainty in global markets.
Dubai gold rates
As of Monday, 24K gold is priced at Dh555.00 per gram, down from Dh556.00 recorded at the close of trading on Saturday. Similarly, 22K stands at Dh513.75 compared to Dh514.75, while 21K has eased to Dh492.75 from Dh493.50. The decline extends to lower purities, with 18K at Dh422.25 from Dh423.00 and 14K at Dh329.50 from Dh330.00.
The Dh1 drop across categories signals a mild correction rather than a sharp shift, as traders respond to global cues following a relatively steady weekend close.
Global trends
Internationally, gold prices edged lower in early Monday trade amid thin market activity due to holidays in key economies including China, Japan and the UK. Spot gold slipped 0.2 percent to $4,605.19 per ounce, while US gold futures for June delivery declined 0.6 percent to $4,616.30.
Investor sentiment remains influenced by inflation concerns and evolving expectations around US monetary policy. Recent signals from the Federal Reserve suggest a cautious stance, with policymakers highlighting the risk of prolonged higher interest rates. Rising borrowing costs tend to weigh on non-yielding assets such as gold, as investors turn towards instruments offering returns.
Geopolitical tensions are also shaping market direction. Developments surrounding US-Iran relations continue to attract attention, particularly after reports of incidents in the Strait of Hormuz and ongoing diplomatic exchanges. Oil prices, though slightly eased, remain above $100 a barrel, adding to inflationary pressures and complicating the global economic outlook.
Other precious metals
In the broader precious metals market, silver posted modest gains, rising 0.1 percent to $75.37 per ounce. Platinum climbed 0.7 percent to $2,002.80, while palladium edged up 0.2 percent to $1,528.22.