Dubai gold rates fall Dh10.50 as global prices retreat from two-month peak
Silver slips as precious metals track a volatile global market
DUBAI – Dubai gold rates moved sharply lower on Friday, with the price of 24K gold falling to Dh519.75 per gram, according to the latest Dubai Jewellery Group suggested retail jewellery prices.
The decline followed two sessions at Dh530.25 and came as international bullion prices retreated from their highest level in more than two months. Gold markets are also being pulled in different directions by changing US interest-rate expectations, geopolitical tensions involving Iran and uncertainty surrounding the Strait of Hormuz.
Dubai gold rates
For Friday, 24K gold was priced at Dh519.75 per gram, while 22K stood at Dh481.50, 21K at Dh461.50, 18K at Dh395.75 and 14K at Dh308.50.
The 24K rate was Dh530.25 on Thursday and Wednesday, meaning Friday's price was Dh10.50 lower than both days. It was Dh531.25 on Tuesday, making the latest rate Dh11.50 lower, while Monday's rate of Dh522.75 was Dh3 higher than Friday.
For 22K gold, Friday's Dh481.50 was down from Dh491 on both Thursday and Wednesday, Dh492 on Tuesday and Dh484 on Monday. Meanwhile, 18K slipped to Dh395.75 from Dh403.50 on Thursday and Wednesday, Dh404.25 on Tuesday and Dh397.75 on Monday.
Global gold
Internationally, spot gold fell 0.5 percent to $4,326.75 an ounce as of 0336 GMT on Friday, while US gold futures for December delivery dropped nearly 1 percent to $4,382.50. Gold had climbed to its highest level since 5 June on Thursday before settling 1.3 percent lower, putting it on track for a weekly decline.
The latest retreat followed softer US inflation signals that reduced expectations of another Federal Reserve rate hike next month. Markets were pricing a 35 percent probability of a September rate increase, down from around 55 percent a week earlier. Lower interest rates generally improve gold's appeal because bullion does not generate interest.
The US dollar has meanwhile remained a key influence. The dollar index climbed to a two-week high of 100.083 on Thursday as continuing US-Iran tensions supported demand for the greenback. The UAE dirham remains closely linked to the US dollar, keeping global dollar-denominated bullion movements particularly relevant for local gold pricing.
Iran tensions
Geopolitical developments remain firmly in focus. The United States has threatened to maintain its naval blockade of Iran indefinitely, while Tehran and Washington have made competing claims over control of the Strait of Hormuz. The disruption to the strategic waterway has raised concerns over energy shipments and added another layer of uncertainty for global markets.
Oil prices have also remained volatile. Brent crude settled at $87.07 a barrel on Thursday after falling more than 2 percent, while US WTI ended at $81.25. The decline followed a large increase in US crude inventories and weaker demand expectations, although the unresolved Hormuz situation continues to carry significant supply risks.
The International Energy Agency expects global oil supply to fall by 4.3 million barrels per day in 2026, largely reflecting renewed Middle East conflict and disruptions around the Strait of Hormuz and Red Sea.
Other metals
Silver also edged lower, with spot silver down 0.4 percent at $64.17 an ounce. Platinum slipped 0.3 percent to $1,711.84, while palladium was little changed at $1,306.98. Platinum and palladium both touched their lowest levels since 4 August during Friday's session and were heading for weekly losses.