Dubai gold sees Dh2 fall as stronger dollar pressures bullion
Silver slips after recent gains in global precious metals trade
DUBAI – Dubai's gold prices edged lower on Monday, tracking a pullback in international bullion markets as a stronger US dollar weighed on investor sentiment.
The latest retail rates released by the Dubai Jewellery Group showed declines across all major gold categories after the precious metal touched a two-week high in global trade earlier in the day.
Despite the softer prices, gold continues to draw attention as markets assess the outlook for US interest rates and broader geopolitical developments.
Dubai gold rates
According to the Dubai Jewellery Group, the retail price of 24K gold fell to Dh501.00 per gram on Monday, down from the previous session. The price of 22K gold stood at Dh464.00 per gram, while 18K gold was priced at Dh381.25 per gram.
Global market
In international markets, spot gold was down 0.4% at $4,160.33 per ounce after reaching its highest level since June 22 earlier in the session. US gold futures for August delivery, however, rose 1.1% to $4,172 per ounce.
The retreat came as the US dollar strengthened by 0.1%, making dollar-priced bullion more expensive for buyers using other currencies. Gold had gained more than 2% last week, ending a four-week losing streak after weaker-than-expected US payroll data eased concerns over persistent inflation and aggressive interest rate increases.
Investors are now focused on the release of the US Federal Reserve's June meeting minutes on Wednesday for further clues on the direction of monetary policy. Market expectations for a September rate increase have eased, with traders now pricing in about a 55% probability, down from more than 60% before the latest employment data. Lower interest rates generally support gold because it does not offer a yield.
Meanwhile, J.P. Morgan expects gold to average $4,300 per ounce in the third quarter of 2026 and $4,500 per ounce in the fourth quarter, while noting that demand from key sectors may be less robust than previously anticipated.
Developments surrounding US trade policy under Donald Trump, tensions involving Iran, shipping through the Strait of Hormuz and movements in oil prices continue to remain important factors influencing broader financial markets and safe-haven demand, although Monday's price action was primarily driven by currency movements and expectations for US monetary policy.
Other precious metals
Other precious metals also weakened. Spot silver fell 1% to $61.77 per ounce after reaching its highest level since June 23 earlier in the session.
Platinum slipped 0.3% to $1,632.80 per ounce, while palladium declined 0.5% to $1,267.65 per ounce, reflecting broader caution across the precious metals market as investors awaited fresh signals from the US central bank.