Dubai gold drops Dh5 as 24K slips below Dh553 after record run
Silver retreats from intraday all-time high
DUBAI – Dubai’s retail gold market opened Thursday with lower prices across all major purities, extending the mid-week pullback after global bullion touched historic highs.
Data from the Dubai Jewellery Group shows that 24-carat gold is now priced at Dh553 per gram, easing from Dh558 on Wednesday, while 22-carat stands at Dh512.25, down from Dh516.75. The retreat places prices below the highs recorded earlier in the week even as international gold remains near record territory.
Compared with earlier sessions, Thursday’s numbers show a modest but clear softening. On Tuesday, 24K gold was priced at Dh554, while Monday opened the week at Dh550.25. The four-day trend shows that the market climbed into mid-week before slipping back on profit-taking in the global market.
Dubai gold rates
According to the Dubai Jewellery Group, 21K gold is at Dh491, down from Dh495.50 on Wednesday and broadly matching Tuesday’s Dh491.75. 18K gold is now Dh421, compared with Dh424.50 on Wednesday, while 14K is priced at Dh328.25, also lower than Dh331.25 a day earlier. On Monday, 18K stood at Dh418.75 and 14K at Dh326.75, confirming that this week’s peak was reached on Wednesday before the pullback.
The easing in local prices mirrors the movement in the international market, where investors locked in gains after bullion surged to unprecedented levels in the previous session.
Global gold markets
Spot gold was 0.3% lower at $4,608.77 per ounce in early Thursday trade after touching a record $4,642.72 on Wednesday. US gold futures for February slipped 0.5% to $4,613.0. The retreat followed heavy profit-taking and a softer tone in global risk markets.
Market sentiment was shaped by developments in the United States and the Middle East. President Donald Trump signalled a wait-and-see stance on the unrest in Iran after Tehran warned US military bases in the region amid its worst domestic turmoil since 1979. Trump also said he has no immediate plans to remove Federal Reserve Chair Jerome Powell despite an ongoing Justice Department investigation, while traders continue to expect two US interest-rate cuts later this year.
Other precious metals
Silver retreated sharply after an explosive rally, falling 3.4% to $89.63 per ounce after touching an all-time high of $93.57 earlier in the session.
Platinum eased 2.6% to $2,321.65 per ounce after previously hitting a record $2,478.50 late last month.
Palladium slipped 1.3% to $1,804.10, hovering near a one-week low as broader precious-metal markets cooled from recent peaks.