Dubai gold sees Dh10 drop per gram as global prices slide below $5,100
Silver steadies after sharp drop as precious metals track global volatility
DUBAI – Dubai gold prices opened lower on Monday, tracking a decline in global bullion markets as the US dollar strengthened and geopolitical tensions continued to influence investor sentiment.
Retail jewellery rates published by the Dubai Jewellery Group showed a drop of around Dh10 per gram compared with the weekend.
The move follows a broader slide in international gold prices amid rising Treasury yields and persistent uncertainty surrounding global conflicts and interest-rate expectations.
Dubai gold rates
According to Dubai Jewellery Group data released on Monday (March 9), the suggested retail gold jewellery prices per gram stand at:
- 24K: Dh617.50
- 22K: Dh571.75
- 21K: Dh548.25
- 18K: Dh470.00
- 14K: Dh366.50
Earlier trading data indicated that 24K gold had dropped to around Dh613.25 per gram at market opening, down from Dh623.25 over the weekend, reflecting the sharp overnight fall in global bullion prices.
Global markets
Internationally, gold slipped as the US dollar climbed to a more-than-three-month high, making dollar-priced bullion more expensive for buyers using other currencies. Higher US Treasury yields also increased the opportunity cost of holding the non-yielding metal.
Spot gold was trading near $5,099.14 per ounce on Monday morning, down about 1.41 percent, after briefly falling below $5,100. Earlier trading saw prices at around $5,130.94, marking a drop of roughly 0.8 per cent, while US gold futures for April delivery slipped to $5,138.20.
Energy markets have also played a role in the shift. Crude oil prices surged more than 20 percent to above $110 per barrel as tensions linked to the expanding conflict involving the United States, Israel and Iran raised concerns about potential disruption to oil shipments through the Strait of Hormuz. Higher oil prices have revived fears of persistent inflation, dampening expectations of near-term interest-rate cuts by the US Federal Reserve.
Investors are now watching the Federal Reserve’s policy meeting scheduled for March 18, with market data suggesting growing expectations that interest rates could remain unchanged.
Other precious metals
Across other precious metals, silver showed mixed movement after early losses. Spot silver was trading near $84.42 per ounce, while earlier data showed it falling more than 5 per cent during the session before stabilising. In separate trading, silver was also reported at around $83.2 per ounce, down about 1.61 per cent.
Meanwhile, platinum edged 0.1 per cent lower to $2,133.95 per ounce, and palladium slipped 0.9 per cent to $1,610.
Precious metals continue to react to a complex mix of factors including currency movements, energy prices and geopolitical developments, with bullion markets remaining highly sensitive to shifts in interest-rate expectations and global risk sentiment.