Dubai gold slips Dh18 in 24 hours as 24K trades at Dh593.25
Silver plunges nearly 15% in global commodities rout
DUBAI – Dubai gold jewellery prices declined on Thursday, reversing part of the sharp rise seen earlier this week, as international precious metal markets tumbled.
Rates issued by Dubai Jewellery Group showed notable day-on-day drops across all purities.
The local decline tracked a broad global selloff in gold and silver, pressured by a stronger dollar and easing geopolitical concerns.
Dubai gold rates
The 24K rate stood at Dh593.25 per gram on Thursday, down from Dh611.75 on Wednesday. It was Dh594.25 on Tuesday and Dh541.50 on Monday, marking a Dh70 gain earlier in the week before the latest pullback.
For 22K, the price eased to Dh549.25, compared with Dh566.50 on Wednesday, Dh550.25 on Tuesday and Dh501.50 on Monday.
The 21K rate dropped to Dh526.75 from Dh543.25 a day earlier, while 18K slipped to Dh451.50 from Dh465.50. The 14K category fell to Dh352.25, down from Dh363.25 on Wednesday. Despite Thursday’s retreat, all categories remained above Monday’s levels.
Global gold
Internationally, spot gold declined 2.5% to $4,838.81 per ounce, while US gold futures fell 1.9% to $4,855.60. The US dollar index traded near a two-week high, making dollar-priced commodities more expensive for overseas buyers and weighing on demand.
Silver saw steeper losses, plunging 14.9% to $74.94 per ounce after touching a record $121.64 last week. Platinum slid 8.7% to $2,033.35, and palladium dropped 5.8% to $1,672. Broader commodity markets, including oil and copper, also weakened as investors reduced risk exposure.
The retreat in precious metals came as global tensions showed signs of easing. The US and Iran agreed to hold talks in Oman, while US-China trade sentiment improved following discussions between President Donald Trump and Chinese leadership. Expectations of a firmer US monetary stance also supported the dollar, adding further pressure on non-yielding assets such as gold and silver.