Dubai gold rate dips to Dh399 for 24K as global prices slide
Precious metals drop as Trump tariff reprieve hits $3,300 gold
DUBAI: Gold jewellery prices in Dubai saw a slight drop on Monday, July 7, offering a window of relief to shoppers in the emirate.
The retail price of 24K gold was listed at Dh399.00 per gram, while 22K stood at Dh369.50, 21K at Dh354.25, and 18K at Dh303.75, according to the Dubai Gold and Jewellery Group.
Just a day earlier, prices were notably higher. On Sunday, 24K gold was priced at Dh402.25 per gram and 22K at Dh372.25, reflecting a softening of Dh3.25 and Dh2.75 respectively. The dip aligns with a global market pullback triggered by geopolitical developments in the United States.
UAE demand trends
Despite Dubai’s appeal as the "City of Gold," recent figures show waning demand. The UAE saw an 18% year-on-year drop in gold jewellery demand in Q1 2025, amounting to a decline of 7.9 tonnes. Analysts attribute this to historically high prices, which have discouraged buyers even in a price-sensitive market.
Global price dip
On the international front, spot gold fell 0.8% to $3,306.85 per ounce in early Monday trading, while US gold futures also declined by 0.8% to $3,315.70. The drop comes after US President Donald Trump announced that new tariffs on most countries would be delayed until July 9, with increased rates scheduled to begin on August 1.
This temporary tariff extension has weakened demand for gold as a safe-haven asset. Market watchers now expect slower interest rate cuts from the Federal Reserve, following Trump’s recent tax-and-spending package, which is forecast to add over $3 trillion to the nation’s $36.2 trillion debt.
Precious metals slide
Other precious metals followed suit. Spot silver dipped 1.1% to $36.52 per ounce, platinum fell 2% to $1,363.39, and palladium slipped 2% to $1,112.53 – reflecting broad weakness across the precious metals market as investors await clearer direction on global trade policies.