Dubai gold sees fresh decline as 22K drops to Dh524.25 per gram
Silver steadies after touching strongest level since March
DUBAI – Dubai’s gold market opened Wednesday with lower retail jewellery prices across all major categories, extending the fluctuations seen earlier this week as global bullion markets reacted to fresh US inflation data and renewed geopolitical uncertainty.
The emirate continues to attract heavy interest from residents and tourists alike due to competitive pricing, low taxation and strong demand for jewellery and investment bars.
Dubai gold rates
According to the Dubai Jewellery Group, the 24K rate stood at Dh566.25 per gram on Wednesday, while 22K was priced at Dh524.25, 21K at Dh502.75 and 18K at Dh430.75. The 14K category was listed at Dh336.00 per gram.
The latest prices marked a decline from Tuesday’s levels, when 24K gold traded at Dh567.50 per gram and 22K at Dh525.50. On Monday, however, prices were lower, with 24K recorded at Dh563.00 and 22K at Dh521.25, highlighting the volatile movement in bullion markets over the past three trading sessions.
Global markets
Internationally, spot gold slipped 0.1% to $4,710.37 per ounce on Wednesday, pulling back further from a three-week high reached in the previous session. US gold futures for June delivery, however, edged 0.7% higher to $4,717.50 per ounce.
Global markets remained focused on stronger-than-expected US inflation data for April, which reduced expectations of Federal Reserve interest rate cuts this year. Investors are now closely watching upcoming US Producer Price Index figures alongside the scheduled summit between US President Donald Trump and Chinese President Xi Jinping in Beijing.
Attention also turned towards tensions involving Iran and the Strait of Hormuz after Trump stated that China’s assistance may not be necessary in efforts related to the conflict. The Strait remains one of the world’s most critical oil shipping routes, keeping energy and commodity markets on edge.
India also influenced bullion sentiment after New Delhi raised import tariffs on gold and silver to 15% from 6%, a move aimed at curbing overseas purchases and protecting foreign exchange reserves.
Other precious metals
Among other precious metals, spot silver held steady at $86.53 per ounce after touching its strongest level since March 11 earlier in the session.
Platinum slipped 0.3% to $2,120.29, while palladium edged 0.1% higher to $1,492.75 as investors monitored broader commodity and currency movements alongside the stronger US dollar.