Dubai gold rates reveal weekly swings as 24K falls Dh1 on Saturday
Asian markets show mixed demand ahead of key buying season
DUBAI – Dubai’s gold market continues to reflect global cues, with prices adjusting daily in response to international trends, currency movements and regional demand patterns.
The emirate remains a key benchmark for retail gold pricing, guided by the Dubai Jewellery Group, whose daily rates are widely followed by traders and buyers alike.
On Saturday, gold prices edged slightly lower compared to the previous day, signalling a mild correction after recent fluctuations. The market’s movement over the past week highlights both volatility and resilience, particularly as regional and international demand factors come into play.
Dubai gold rates
As of Saturday, retail gold prices in Dubai stood at Dh572.25 per gram for 24K, Dh529.75 for 22K, Dh508.00 for 21K, Dh435.50 for 18K, and Dh339.75 for 14K.
Compared to Friday, prices have softened marginally across all categories. On Friday, 24K gold was priced at Dh573.25, with 22K at Dh530.75, 21K at Dh509.00, 18K at Dh436.25 and 14K at Dh340.25. The Dh1 drop in 24K reflects a minor adjustment rather than a broader shift in trend.
Looking further back, Thursday recorded lower levels, with 24K at Dh569.00 and 22K at Dh526.75, indicating that Friday’s rates had briefly pushed higher before Saturday’s pullback. Wednesday, saw a notable spike, with 24K reaching Dh582.50 and 22K at Dh539.25, marking the highest levels of the week.
Earlier in the week, Tuesday recorded significantly lower prices, with 24K at Dh558.00 and 22K at Dh516.75, while Monday saw 24K at Dh561.50 and 22K at Dh520.00. This sequence highlights a sharp midweek surge followed by gradual stabilisation heading into the weekend.
Weekly trend
The six-day trajectory shows a clear upward movement from Monday to Wednesday, followed by a cooling phase. The jump from Dh558.00 on Tuesday to Dh582.50 on Wednesday marked the week’s most significant increase, before prices eased but remained above early-week levels.
Despite the slight dip on Saturday, gold prices are still higher than at the start of the week, indicating underlying strength in the market. The fluctuations also reflect sensitivity to global spot prices, which have been on track for a third consecutive weekly gain.
Asia demand
Across Asia, demand patterns remain mixed. In India, gold buying has picked up slightly ahead of the Akshaya Tritiya festival on April 19, traditionally one of the busiest gold purchasing periods. Domestic prices were trading around 152,800 rupees ($1,651.98) per 10 grams on Friday, after touching a three-week high earlier in the week.
Dealers in India are currently offering discounts of up to $6 per ounce and premiums of up to $9 per ounce over official domestic prices, reflecting uneven demand. While bookings for the festival have begun, overall retail activity remains subdued compared to typical seasonal trends due to elevated prices.
In China, premiums have narrowed significantly to between $3 and $5 per ounce, down from $12 to $17 the previous week. This decline points to softer retail demand, even as the central bank continues its gold purchases for a 17th consecutive month, supporting broader market sentiment.
Elsewhere in Asia, physical gold in Hong Kong is trading at par to premiums of $3, while in Japan, prices are at a premium of around $1 per ounce. These regional variations underline the complex interplay between investment demand, retail buying and macroeconomic factors shaping the gold market.