Dubai gold rates dip after two-day rise as global prices gain 0.46pc
Silver slips while oil climbs on Strait of Hormuz concerns
DUBAI – Dubai gold rates eased on Wednesday after climbing sharply over the previous session.
The Dubai Jewellery Group’s suggested retail jewellery prices showed a modest decline across 24K, 22K and 18K gold
The move came as international gold prices edged higher, with investors tracking geopolitical tensions, oil markets, the US dollar and incoming inflation data.
Dubai gold rates
According to Dubai Jewellery Group rates, 24K gold was priced at Dh530.25 per gram on Wednesday, down Dh1 from Dh531.25 on Tuesday. The 22K rate stood at Dh491, also Dh1 lower than Tuesday’s Dh492, while 18K gold fell 75 fils to Dh403.50 from Dh404.25.
Despite Wednesday’s decline, prices remain above Monday’s levels. On August 10, 24K gold was priced at Dh522.75 per gram, 22K at Dh484 and 18K at Dh397.75. That means 24K gold is still Dh7.50 higher than Monday, while 22K is up Dh7 and 18K has gained Dh5.75.
Internationally, spot gold rose 0.46 percent to $4,387.03 an ounce in early Asian trading on Wednesday. Gold was supported by renewed geopolitical concerns as markets watched developments involving Iran, shipping routes and the Strait of Hormuz.
Global pressure
Oil prices also moved higher. US crude rose 0.89 percent to $83.94 a barrel, while Brent gained 0.78 percent to $89.60, with both benchmarks extending gains after rising more than $1 on Tuesday. Oil prices had already jumped about 5 percent on Monday as concerns surrounding the Middle East intensified.
The United States and Yemen’s Iran-aligned Houthis reported separate attacks involving shipping, adding to concerns around maritime security. Iran’s position on governing the Strait of Hormuz has also kept attention firmly on the vital oil transit route. Meanwhile, repeated claims by US President Donald Trump that a deal with Iran could be imminent have yet to end the conflict.
The dollar index edged up 0.04 percent to 99.85, while the euro slipped 0.02 percent to $1.1538. Markets were also awaiting US consumer price index data, with the figures expected to influence expectations for the Federal Reserve’s next policy decision.
Other precious metals
Silver remained volatile alongside other precious metals. Market data for Tuesday showed silver at about $64.87 an ounce, down 1.35 percent, while platinum stood near $1,744.70 and palladium around $1,365.79.