Dubai gold opens at Dh561.50 for 24K as dollar strength weighs
Silver tracks losses amid rising yields and geopolitical tension
DUBAI – Dubai’s gold market opened Monday with softer global cues, even as retail prices held firm across major purity segments.
The emirate continues to serve as a key benchmark for jewellery buyers in the region, with daily rates issued by the Dubai Jewellery Group reflecting international trends and currency movements.
Despite geopolitical tensions and strong US economic data, local gold demand remains closely tied to global price direction and dollar strength.
Dubai gold rates
According to the Dubai Jewellery Group, Monday’s suggested retail gold jewellery prices are:
- 24K: Dh561.50 per gram
- 22K: Dh520.00 per gram
- 21K: Dh498.50 per gram
- 18K: Dh427.25 per gram
- 14K: Dh333.25 per gram
These rates reflect marginal adjustments in line with international bullion movements, with 24K remaining above the Dh560 mark.
Global trends
Internationally, gold prices edged lower on Monday, with spot gold falling 0.5 percent to $4,652.89 per ounce. US gold futures for April delivery were steady at $4,678.70, with trading volumes thin due to holidays across parts of Asia and Europe.
A stronger US dollar and rising Treasury yields weighed on bullion, following robust labour market data. US nonfarm payrolls rose by 178,000 jobs in March, marking the largest increase in 15 months, while unemployment fell to 4.3 percent.
The data has significantly reduced expectations of interest rate cuts by the Federal Reserve this year, dampening demand for non-yielding assets such as gold.
Market drivers
Geopolitical tensions remain a dominant influence. The ongoing conflict involving Iran has pushed oil prices higher, fuelling inflation concerns globally. US President Donald Trump has escalated rhetoric, warning of severe consequences if the Strait of Hormuz is not reopened, adding further uncertainty to energy markets.
Higher crude prices and persistent inflation fears have supported the dollar, placing additional pressure on gold. At the same time, speculative positioning in COMEX gold futures has increased slightly, signalling cautious optimism among traders despite near-term weakness.
Other precious metals
Other precious metals also declined. Spot silver dropped 0.9 percent to $72.34 per ounce, while platinum fell 0.6 percent to $1,977.29. Palladium edged up 0.3 percent to $1,500.25, diverging slightly from the broader trend.