Dubai gold drops Dh15.25 per gram as 24K slips below Dh552
India market reacts to new import restrictions and prices
DUBAI – Dubai’s gold market remains one of the region’s most closely watched retail indicators, with buyers and investors tracking daily movements for jewellery purchases and bullion trends.
The emirate’s rates often reflect shifts in international spot prices, currency movements and buying patterns from major markets such as India and China.
Friday brought another notable move, with prices pulling back after stronger levels earlier this week.
Dubai gold rates
According to the Dubai Jewellery Group's suggested retail rates for Thursday, 24K gold stood at Dh551.25 per gram, while 22K reached Dh510.50. Rates for 21K and 18K were listed at Dh489.50 and Dh419.50 respectively. The drop marked a significant retreat from recent highs.
Thursday's prices had placed 24K gold at Dh566.50, meaning Friday recorded a sharp Dh15.25 decline in a single day. On Wednesday, 24K was Dh566.25, while Tuesday saw it at Dh567.50, the highest level of the week. Monday had opened at Dh563.
The broader picture shows a volatile week in Dubai's gold market. Between Monday and Tuesday, 24K increased by Dh4.50 before climbing further above Dh566 levels. Friday's pullback erased those gains and pushed prices below Monday's opening level.
Other categories followed a similar pattern. The 22K rate moved from Dh521.25 on Monday to Dh525.50 on Tuesday before easing to Dh510.50 by Friday. Likewise, 21K gold slipped from Dh499.75 at the start of the week to Dh489.50.
Global markets
Internationally, bullion sentiment remained under pressure. Spot gold prices declined 2.8 percent during the week as inflation concerns and expectations of prolonged higher interest rates influenced markets.
In India, one of the world's largest gold consumers, major policy changes reshaped demand patterns. The country raised import tariffs on gold and silver to 15 percent from 6 percent, prompting demand to weaken sharply. Dealers offered discounts reaching as much as $207 an ounce, compared with discounts of up to $15 and premiums of $6 a week earlier.
Domestic gold prices in India traded near 160,500 rupees per 10 grams on Friday after touching 164,497 rupees earlier in the week, the highest level in more than two months. Investor selling increased while jewellery buyers largely stayed away from purchases.
China presented a different picture. Bullion traded at premiums of $15 to $20 an ounce over global benchmark prices as resilient investment appetite and industrial buying supported demand.
Hong Kong traded at par to premiums of $2, Singapore reported premiums of $1 to $3.30, while Japan recorded a discount of $0.50.