Dubai gold prices ease again as 24K settles at Dh497 per gram
Silver advances while oil, dollar and precious metals remain in focus
DUBAI – Dubai's gold market continued to attract attention on Wednesday as retail jewellery prices remained broadly stable despite heightened volatility in international markets.
The emirate remains one of the world's leading destinations for gold trading, with prices closely following movements in global bullion markets while offering consumers transparent daily retail rates.
The latest figures released by the Dubai Jewellery Group showed only marginal changes from the previous session, although prices remained lower than the start of the week.
Dubai gold rates
According to the Dubai Jewellery Group's suggested retail jewellery prices for Wednesday, July 8, 24K gold was priced at Dh497.00 per gram, down Dh0.25 from Dh497.25 on Tuesday. 22K gold eased to Dh460.25 from Dh460.50, while 21K gold stood at Dh441.25 per gram. 18K gold was priced at Dh378.25, compared with Dh378.50 a day earlier, while 14K gold remained at Dh295.00 per gram.
Compared with Monday's rates, the decline was more noticeable. 24K gold has fallen Dh4.00 from Dh501.00 per gram, 22K has dropped Dh3.75 from Dh464.00, and 18K has slipped Dh3.00 from Dh381.25. The latest prices reflect a gradual easing in Dubai's retail gold market after the stronger levels recorded earlier in the week.
Global markets
International gold prices edged higher on Wednesday after touching their lowest level in nearly a week earlier in the session. Spot gold rose 0.6 percent to $4,128.28 per ounce, while US gold futures for August traded at $4,138.80.
Markets remained focused on the release of minutes from the US Federal Reserve's June policy meeting for fresh clues on future interest rates. At the same time, renewed geopolitical tensions added another layer of uncertainty after Iran targeted US military sites in Bahrain and Kuwait following American strikes on Iran. The developments came after the US revoked a licence allowing Iranian oil sales, while attacks on tankers in the Strait of Hormuz raised concerns over energy supplies.
Oil prices climbed more than 3 percent, the US dollar strengthened to around a one-week high and Treasury yields advanced. Investors also increased expectations of a September Federal Reserve interest rate hike, with market pricing indicating a probability of more than 63 percent, up from around 57 percent a day earlier.
Other precious metals
Other precious metals also recorded mixed trading. Spot silver gained 1.3 percent to $60.77 per ounce, outperforming gold during the session. Platinum slipped 0.2 percent to $1,636.72 per ounce, while palladium declined 0.3 percent to $1,272.75 per ounce.