Dubai gold rates today: 24K drops to Dh619.75 as prices fall for second day
Silver and other metals track gold amid stronger dollar
DUBAI – Dubai gold prices declined on Thursday, with rates across all major purities slipping compared with precious levels, according to the Dubai Jewellery Group.
The drop follows fluctuations earlier in the week as global bullion markets react to currency movements and geopolitical developments affecting oil supply.
Investors are also closely watching upcoming US economic data that could influence interest-rate expectations.
Dubai gold rates
As of Thursday, the suggested retail gold jewellery rate stands at Dh619.75 per gram for 24K, Dh574.00 for 22K, Dh550.25 for 21K, Dh471.75 for 18K, and Dh368.00 for 14K.
Compared with the previous day, prices have moved lower across all categories. On Wednesday (March 11), 24K gold was priced at Dh627.25, while 22K stood at Dh580.75, 21K at Dh557.00, 18K at Dh477.25, and 14K at Dh372.25 per gram.
Earlier in the week, Tuesday (March 10) saw 24K gold at Dh623.00, 22K at Dh576.75, 21K at Dh553.00, 18K at Dh474.00, and 14K at Dh369.75.
On Monday (March 9), rates were slightly lower with 24K at Dh617.50, 22K at Dh571.75, 21K at Dh548.25, 18K at Dh470.00, and 14K at Dh366.50 per gram.
Global market
Internationally, gold prices edged lower on Thursday as a stronger US dollar weighed on bullion demand. Spot gold was down 0.4 percent to $5,153.79 per ounce, while US gold futures for April delivery fell 0.4 percent to $5,159.20.
The US dollar firmed 0.2 percent, making dollar-denominated bullion more expensive for buyers using other currencies. Expectations for near-term interest-rate cuts in the United States have also weakened, with analysts now anticipating reductions later in the year amid rising inflation risks.
Energy markets have added further pressure. Oil prices surged above $100 a barrel after escalating tensions in the Middle East, including attacks on oil and transport facilities and disruptions in the Strait of Hormuz. Iran warned global markets to prepare for oil potentially reaching $200 per barrel, while the International Energy Agency has urged a large release of strategic oil reserves.
Other precious metals
Other precious metals also showed mixed movements during Thursday’s trading session. Spot silver declined 0.5 percent to $85.33 per ounce, mirroring the softer tone in the gold market.
Meanwhile, platinum slipped 0.3 percent to $2,162.24, while palladium gained 0.3 percent to $1,642.05, reflecting varying industrial demand and investor positioning across the metals sector.
Markets are now awaiting the release of the US Personal Consumption Expenditures index data on Friday, which could provide further signals on inflation trends and interest-rate policy.