Dubai gold slips again: 24K falls to Dh604.75 as global prices weaken
Silver, platinum and palladium post weekly losses
DUBAI – Dubai gold prices moved lower again on Saturday, extending a week of declines as global bullion prices remained under pressure from a stronger US dollar and geopolitical tensions in the Middle East.
Gold logistics have also been affected by regional air travel disruptions. According to Reuters, some passenger flights from Dubai have resumed this week, allowing partial restoration of gold shipments from the emirate, one of the world’s major bullion trading hubs.
Gold is typically transported by air because of its high value-to-weight ratio. Flight tracking data showed traffic from Dubai operating at roughly 37 per cent of normal levels, raising insurance and ground transportation costs for bullion deliveries.
Rates released by the Dubai Jewellery Group today show a noticeable drop compared with levels earlier in the week.
Dubai gold rates
On Saturday, March 14, the suggested retail price for 24K gold stood at Dh604.75 per gram, while 22K was priced at Dh560.00, 21K at Dh537.00, 18K at Dh460.25, and 14K at Dh359.00.
The latest rates mark a sharp decline from Friday, March 13, when 24K gold was Dh615.00, 22K Dh569.50, 21K Dh546.00, 18K Dh468.00, and 14K Dh365.00 per gram.
Dubai gold prices have been sliding steadily through the week. On Thursday, March 12, the rates were Dh619.75 for 24K, Dh574.00 for 22K, Dh550.25 for 21K, Dh471.75 for 18K, and Dh368.00 for 14K.
Earlier in the week, Wednesday, March 11, saw 24K gold at Dh627.25, 22K at Dh580.75, 21K at Dh557.00, 18K at Dh477.25, and 14K at Dh372.25.
On Tuesday, March 10, the precious metal traded at Dh623.00 for 24K, Dh576.75 for 22K, Dh553.00 for 21K, Dh474.00 for 18K, and Dh369.75 for 14K.
The week began with Monday, March 9, when 24K gold stood at Dh617.50, 22K at Dh571.75, 21K at Dh548.25, 18K at Dh470.00, and 14K at Dh366.50.
Global markets
International bullion markets also weakened during the week. According to Reuters, spot gold slipped to around $5,052.15 per ounce, while US gold futures for April delivery settled at $5,061.70. Prices were down more than 2 per cent for the week.
A stronger US dollar has weighed on bullion, making gold priced in dollars more expensive for holders of other currencies. Expectations that the Federal Reserve may keep interest rates elevated for longer have also reduced the appeal of non-yielding assets such as gold.
Geopolitical tensions have added further uncertainty. Donald Trump said the United States would hit Iran “very hard” over the coming week, following escalating hostilities linked to the war involving Iran. The conflict has heightened concerns about supply disruptions across the Gulf region and risks to shipping routes near the Strait of Hormuz, a key global oil corridor.
Oil prices slipped on Friday but remained on track for weekly gains amid continuing disruptions tied to the conflict.
Other precious metals
Other precious metals also declined during the week. Spot silver dropped about 3.3 percent to $81.00 per ounce, while platinum fell 4 percent to $2,047.20 and palladium lost 2.5 percent to $1,569.00, with both metals also heading for weekly losses.