Dubai gold slips below Dh500 for 24K
Silver, platinum and palladium decline alongside bullion prices
DUBAI – Dubai's gold market opened lower on Tuesday, offering jewellery buyers reduced retail prices after the previous day's gains.
The latest rates released by the Dubai Jewellery Group reflected declines across all major purity categories, mirroring softer international bullion prices.
The movement comes as global investors await fresh signals from the US Federal Reserve, while geopolitical developments and currency movements continue to influence precious metals.
Dubai gold prices
According to the Dubai Jewellery Group, the suggested retail price for 24K gold stood at Dh497.25 per gram on Tuesday, down Dh3.75 from Dh501.00 on Monday. The price of 22K gold fell by Dh3.50 to Dh460.50 per gram, while 18K gold declined Dh2.75 to Dh378.50 per gram, compared with Dh381.25 a day earlier.
The latest decline follows Monday's stronger pricing and brings 24K gold back below the Dh500 mark. Dubai's gold rates typically track movements in international bullion markets while remaining a key benchmark for jewellery buyers across the UAE.
Global markets
International gold prices eased on Tuesday after reaching a two-week high in the previous session. Spot gold slipped 0.9 percent to $4,126.33 per ounce, while US gold futures for August delivery fell 0.7 percent to $4,137.60.
Market participants are closely watching the minutes of the US Federal Reserve's June policy meeting, scheduled for release on Wednesday, for indications on the future path of interest rates under Chair Kevin Warsh. Traders currently see around a 56 percent chance of a rate increase in September, lower than expectations before last week's weaker-than-expected US jobs data.
Gold has retreated more than 25 percent from the record highs reached earlier this year. Although the ceasefire following the US-Israeli conflict with Iran reduced some inflation concerns, the conflict had previously strengthened the US dollar and reinforced expectations of higher interest rates. Developments involving Iran, tensions around the Strait of Hormuz and fluctuations in oil prices have remained important factors shaping inflation expectations and investor sentiment.
Other precious metals
Other precious metals also traded lower during Tuesday's session. Spot silver declined 2 percent to $60.85 per ounce, while platinum fell 1.2 percent to $1,611.38. Palladium also edged lower, slipping 0.6 percent to $1,261.16 per ounce.
Meanwhile, Hong Kong launched a central gold clearing system and revived gold futures trading as it seeks to strengthen its position as a regional hub for the precious metals market.