Dubai gold rates fall as 24K slips Dh3.5 amid global caution
Silver weakens as oil surge and dollar keep markets tense
DUBAI – Dubai’s gold market opened Tuesday with softer prices across all major karats, reflecting cautious global sentiment and shifting macroeconomic signals.
Rates released by the Dubai Jewellery Group show declines compared to Monday, mirroring movements in international bullion markets.
The easing trend comes as investors weigh geopolitical risks, inflation pressures and monetary policy expectations.
Dubai gold rates
According to the Dubai Jewellery Group, today’s suggested retail gold jewellery prices are:
- 24K at Dh558.00
- 22K at Dh516.75
- 21K at Dh495.50
- 18K at Dh424.50
- 14K at Dh331.25
Compared to Monday, prices have edged lower across the board. On Monday, 24K stood at Dh561.50, 22K at Dh520.00, 21K at Dh498.50, 18K at Dh427.25 and 14K at Dh333.25. This marks a decline of Dh3.5 for 24K, Dh3.25 for 22K, Dh3.0 for 21K, Dh2.75 for 18K and Dh2.0 for 14K gold.
The drop reflects a mild correction after recent highs, with Dubai rates continuing to track global benchmarks closely while maintaining competitive retail pricing.
Global trends
Internationally, gold prices slipped on Tuesday as markets remained on edge ahead of a deadline set by Donald Trump concerning Iran and the reopening of the Strait of Hormuz. Spot gold declined 0.2% to $4,638.30 per ounce, while US gold futures for June delivery fell 0.4% to $4,664.
Geopolitical tensions escalated as Iran rejected calls for a ceasefire and continued exchanges with Israel, adding uncertainty to financial markets. The Strait of Hormuz, a critical oil transit route, remains at the centre of the standoff, amplifying concerns over global energy supply.
Oil prices held above $110 per barrel, intensifying inflation worries. While gold typically benefits from inflationary pressures, expectations of prolonged higher interest rates have limited its upside, as non-yielding assets become less attractive in such environments.
Other precious metals
Other precious metals also recorded declines. Spot silver dropped 0.8% to $72.19 per ounce, tracking gold’s downward movement. Platinum fell 1% to $1,959.82, while palladium eased 0.6% to $1,475.93.
Market focus now turns to upcoming US economic data, including inflation indicators and minutes from the Federal Reserve’s March policy meeting. Signals from policymakers on interest rates and inflation remain key drivers for gold and silver prices in the near term.