Dubai gold retreats again as 24K slips below Dh585 mark
Silver losses deepen despite rebound
DUBAI – Dubai gold rates today reflected another sharp move lower on Friday, extending a volatile week for bullion markets.
Retail prices published by Dubai Jewellery Group showed all major carats easing further, with traders closely watching global gold and silver action, currency movements and geopolitical developments.
The slide followed steep declines earlier in the week, keeping price comparisons firmly in focus for residents and buyers.
Dubai gold rates
On Friday, Dubai’s suggested retail gold jewellery prices stood at Dh584 per gram for 24K, Dh540.75 for 22K, Dh518.50 for 21K, Dh444.50 for 18K, and Dh346.75 for 14K.
Compared with Thursday, February 5, 24K gold has fallen Dh9.25 per gram, down from Dh593.25. The declines were similar across other categories, with 22K easing by Dh8.50 and 21K slipping by Dh8.25.
Looking further back, prices were markedly higher midweek. On Wednesday, February 4, 24K gold was priced at Dh611.75, meaning Friday’s rate is Dh27.75 lower. On Tuesday, February 3, 24K stood at Dh594.25, while Monday, February 2 saw a much lower Dh541.50, underlining the scale of daily swings seen this week.
Global gold market
Internationally, spot gold rose sharply on Friday, trading near $4,879 per ounce, while US gold futures hovered around $4,897. Despite daily gains, weekly movement remained limited as investors reacted to heavy selling in global equities, a firm US dollar and renewed risk aversion.
Silver remained the most volatile metal. Spot silver rebounded to around $73.91 per ounce, after plunging below $65 earlier in Asian trade. Weekly losses for silver exceeded 13%, following an even steeper drop the previous week, keeping sentiment fragile across precious metals.
Other precious metals
Platinum edged higher to about $1,993.95 per ounce, while palladium climbed to roughly $1,651.74, though both remained lower on the week. Market attention stayed fixed on margin hikes by CME, ongoing tariff concerns, US political signals linked to Donald Trump, and heightened Middle East tensions involving Iran, all of which continued to feed volatility across gold and silver trading.