Dubai gold falls below Dh600, down Dh11 in a day
Silver rebounds globally while local bullion tracks softer trend
DUBAI – Dubai gold prices fell sharply on Friday, with 24K slipping below the Dh600 mark after hovering above it for most of the week.
The latest rates issued by the Dubai Jewellery Group show a clear pullback across all categories.
The decline follows heightened volatility in global bullion markets and shifting demand patterns in key Asian hubs.
Dubai gold rates
As of Friday, the suggested retail gold jewellery prices are:
- 24K: Dh599.75 per gram
- 22K: Dh555.25
- 21K: Dh532.50
- 18K: Dh456.50
- 14K: Dh356.00
On Thursday, 24K stood at Dh610.75 per gram, marking a day-on-day drop of Dh11.00. The rest of the categories also fell: 22K was Dh565.50, 21K Dh542.25, 18K Dh464.75 and 14K Dh362.50.
On Wednesday, 24K was priced at Dh608.25, while Tuesday recorded Dh606.50. At the start of the week on Monday, 24K traded at Dh607.50 per gram. The latest rate represents a Dh7.75 decline compared to Monday and reflects a volatile five-day stretch for the precious metal in Dubai’s retail market.
Global gold markets
Internationally, spot gold rebounded on Friday after touching a near one-week low in the previous session. Spot gold rose 0.6% to $4,949.99 per ounce, though it remains 0.2% lower for the week. US gold futures for April delivery climbed to $4,968.0 per ounce.
The metal had dropped about 3% on Thursday, breaching the $5,000 support level amid broader market weakness. Investors are closely watching upcoming US inflation data for signals on interest rate direction, with expectations of two 25-basis-point cuts later this year. Elevated rates typically weigh on non-yielding assets such as gold.
In India, gold traded at discounts for the first time in nearly a month. Dealers offered discounts of up to $12 per ounce over official domestic prices, a sharp reversal from last week’s premiums of up to $70. Domestic prices stood around 154,000 rupees per 10 grams on Friday, down from record highs seen earlier.
Market participants are anticipating the allocation of around 80 metric tonnes of gold imports from the UAE at concessional duty under the Comprehensive Economic Partnership Agreement between the two countries.
In China, demand remained firm ahead of the nine-day Lunar New Year holiday beginning February 15. Bullion traded between an $8 discount and premiums of up to $10 per ounce over global spot prices. The People’s Bank of China has added gold to its reserves for a fifteenth consecutive month, reinforcing official sector interest even as prices fluctuate.
Across Asian hubs including Hong Kong, Japan and Singapore, premiums and discounts varied modestly, reflecting regional supply and demand dynamics as the week closes.
Other precious metals
Silver tracked a recovery, climbing 1.5% to $76.31 per ounce after an 11% slide on Thursday. Despite the rebound, it remains on course for a weekly loss of 2.1%.
Platinum rose to $2,018.44 per ounce and palladium to $1,652.31, though both are also set for weekly declines.