Dubai gold falls over Dh13 as global markets turn cautious
Silver edges lower alongside cautious bullion trade
DUBAI – Dubai’s gold market opened Thursday with lower retail prices, reflecting a pullback after a sharp rise earlier in the week.
Rates released by the Dubai Jewellery Group show declines across all major karats, with 24K gold easing notably compared to Wednesday.
The shift mirrors global trends, where bullion remains steady but subdued amid geopolitical uncertainty and inflation concerns.
Dubai gold rates
As of Thursday, retail gold prices in Dubai are: 24K at Dh569.00, 22K at Dh526.75, 21K at Dh505.00, 18K at Dh433.00, and 14K at Dh337.75 per gram.
This marks a clear drop from Wednesday, when 24K stood at Dh582.50, down by Dh13.50. Similarly, 22K declined from Dh539.25 to Dh526.75, while 21K slipped from Dh517.00 to Dh505.00. Lower karats followed the same trend, with 18K falling from Dh443.25 and 14K from Dh345.75.
Earlier in the week, prices showed mixed movement. On Tuesday, 24K gold was priced at Dh558.00 before rising sharply midweek, while Monday saw 24K at Dh561.50. The current dip therefore reflects a correction after Wednesday’s spike, keeping the week’s overall movement volatile but within a defined range.
Global gold markets
Internationally, gold prices remained largely steady on Thursday as investors monitored the fragile US-Iran ceasefire and awaited key inflation data from the United States. Spot gold edged up 0.1 percent to $4,721.51 per ounce, while US gold futures for June delivery slipped 0.7 percent to $4,744.90.
Market sentiment remains cautious amid ongoing geopolitical tensions in the Middle East, including continued conflict involving Israel and Lebanon, alongside uncertainty over Iran’s response. Oil prices have also risen, driven by concerns over supply disruptions in the region, particularly around critical routes such as the Strait of Hormuz.
At the same time, expectations of further US interest rate hikes continue to weigh on gold. Minutes from the Federal Reserve’s March meeting indicated growing support for tightening policy to control inflation, while upcoming Personal Consumption Expenditures data and consumer price figures are expected to guide market direction. A stronger dollar and higher yields typically reduce the appeal of non-yielding assets like gold.
Other precious metals
Among other precious metals, silver saw a slight decline of 0.1 percent to $74.07 per ounce, reflecting subdued demand in line with gold’s cautious movement. Platinum also fell 0.4 percent to $2,020.60, while palladium edged up 0.3 percent to $1,559.