Dubai gold price eases by up to Dh0.50 per gram after early-week jump
Silver, platinum and palladium see sharper declines
DUBAI – Dubai gold rates eased slightly on Wednesday, reflecting softer global bullion prices and a stronger US dollar.
Retail prices published by the Dubai Jewellery Group showed marginal declines across all major karats compared with Tuesday, while remaining notably higher than levels seen at the start of the week. The midweek movement comes as investors globally reassess positions after gold touched record highs earlier.
Dubai gold rates
As of Wednesday, the suggested retail price of 24K gold in Dubai stood at Dh537.75 per gram, down from Dh538.25 on Tuesday. On Monday, the same rate was significantly lower at Dh530.50, highlighting the sharp rise earlier in the week.
For 22K gold, prices eased to Dh498.00 per gram on Wednesday, compared with Dh498.25 on Tuesday and Dh491.25 on Monday.
The 21K category was priced at Dh477.50, slipping marginally from Dh477.75 a day earlier, while standing well above Monday’s Dh471.00.
Similarly, 18K gold was listed at Dh409.25 on Wednesday versus Dh409.50 on Tuesday and Dh403.75 on Monday.
The 14K rate edged down to Dh319.25, compared with Dh319.50 on Tuesday and Dh315.00 at the start of the week.
Global gold prices
Internationally, gold prices moved lower on Wednesday as profit-taking followed a recent rally that pushed prices to record territory. Spot gold slipped about 1.1% to $4,449.38 per ounce, after touching an all-time high above $4,540 earlier in the week. US gold futures for February delivery were also lower at around $4,460.50. A firmer dollar, trading near a two-week high, made gold more expensive for holders of other currencies, adding pressure to prices.
Market attention remains focused on upcoming US labour market data and expectations of interest rate cuts later this year. Gold, which does not yield interest, typically finds support in lower-rate environments, but short-term volatility has intensified amid shifting macro signals and geopolitical developments, including new energy trade arrangements involving Venezuela and the United States.
India demand
In India, jewellery retailers reported strong December-quarter sales despite elevated gold prices. Shares of major jewellers rose after festive-season demand supported revenues, underscoring continued consumer appetite even as global gold prices posted their steepest annual rise in decades.
Other precious metals
Other precious metals recorded sharper declines. Spot silver fell to around $79.27 per ounce, retreating from recent record highs. Platinum dropped to about $2,291.24 per ounce, while palladium slid to roughly $1,736.93 per ounce, reflecting broad-based weakness across the metals complex.