Dubai gold rates drop for third straight session as 24K hits Dh493.25
Silver weakens while platinum and palladium post modest gains
DUBAI – Dubai's gold market remained under pressure on Thursday as retail prices extended their decline for a third consecutive session, tracking weakness in international bullion markets.
The latest fall comes as investors weighed renewed geopolitical tensions in the Middle East against expectations of higher US interest rates. While gold traditionally benefits during periods of uncertainty, stronger inflation expectations and rising bond yield forecasts continued to limit its appeal.
According to the Dubai Jewellery Group's suggested retail rates, all major gold categories recorded lower prices compared with the previous day. The decline also follows a broader downward trend that has unfolded since the beginning of the week.
Dubai gold rates
Dubai Jewellery Group listed 24K gold at Dh493.25 per gram on Thursday, down from Dh497.00 on Wednesday. 22K gold fell to Dh456.75 from Dh460.25, while 18K gold declined to Dh375.25 from Dh378.25 per gram.
The latest prices also marked a continued retreat from earlier in the week. On Tuesday, 24K gold stood at Dh497.25, 22K at Dh460.50, and 18K at Dh378.50 per gram. Monday's rates were even higher, with 24K priced at Dh501.00, 22K at Dh464.00, and 18K at Dh381.25. Overall, 24K gold has fallen Dh7.75 per gram since Monday, while 22K and 18K have dropped Dh7.25 and Dh6.00 respectively.
Global market
International gold prices also edged lower on Thursday as investors reacted to renewed military escalation between the United States and Iran. Spot gold slipped 0.2 percent to $4,068.77 per ounce, hovering near a one-week low after touching its weakest level since July 1 in the previous session. US gold futures for August eased 0.1 percent to $4,077.60 per ounce.
Market sentiment was influenced by fresh US military strikes aimed at keeping the Strait of Hormuz open to shipping, followed by Iranian attacks on Kuwait and Bahrain. The renewed hostilities pushed oil prices to more than a two-week high, reviving concerns that higher energy costs could fuel inflation and keep interest rates elevated for longer.
Investors also continued to assess expectations surrounding US monetary policy after markets increased the likelihood of further Federal Reserve rate hikes. Meanwhile, Bank of America lowered its average 2026 gold price forecast by 14 percent to $4,360 per ounce, citing a more hawkish interest rate outlook.
Other precious metals
Other precious metals showed mixed performance during Thursday's trading. Spot silver fell 0.5 percent to $57.98 per ounce, extending losses alongside gold.
In contrast, platinum gained 1.1 percent to $1,595.51 per ounce, while palladium rose 0.9 percent to $1,224.12 per ounce, reflecting varied investor positioning across the precious metals market as geopolitical risks and inflation concerns remained in focus.