Dubai gold slips to Dh516.75 for 24K amid softer global cues
Silver retreats from record highs despite strong industrial demand
DUBAI – Dubai gold rates opened lower on Tuesday, December 16, reflecting softer retail prices across all major carat categories compared with Monday’s opening and closing levels.
Rates issued by the Dubai Jewellery Group show a clear pullback at the start of the trading day, following modest declines recorded by the local market on Monday.
On Tuesday, 24K gold is priced at Dh516.75 per gram. The 22K rate stands at Dh478.50, while 21K gold is listed at Dh458.75 per gram. For lower-purity jewellery, 18K gold is priced at Dh393.25 per gram and 14K at Dh306.75.
Dubai gold rates
The Tuesday opening marks a decline from Monday’s levels across the board. On Monday, 24K gold opened at Dh521.25 per gram before easing by the close to Dh518.25. The current Tuesday rate of Dh516.75 places 24K gold Dh4.50 lower than Monday’s opening and Dh1.50 below its closing price.
A similar pattern is visible in other categories. On Monday, 22K gold opened at Dh482.75 and closed at Dh480.00, compared with Dh478.50 today. The 21K rate has slipped to Dh458.75 from Monday’s opening of Dh462.75 and closing of Dh460.25. For 18K, prices eased from an opening of Dh396.75 and a close of Dh394.50 to Dh393.25, while 14K fell to Dh306.75 from Monday’s opening of Dh309.50 and closing of Dh307.75.
Global gold markets
Internationally, gold prices edged higher on Tuesday, supported by a softer US dollar ahead of key labour market data. Spot gold rose 0.1 percent to $4,311.64 per ounce, while US gold futures were steady at $4,333.20. The dollar hovered near a two-month low, providing support to bullion prices.
Markets are closely watching US employment data, with traders factoring in a high probability of a 25-basis-point rate cut in January. Lower interest rate expectations tend to support non-yielding assets such as gold, particularly as inflation signals point closer to the Federal Reserve’s 2 per cent target.
Other precious metals
Other precious metals showed mixed movement. Spot silver slipped 1.2 percent to $63.11 per ounce, remaining close to recent record highs. Platinum climbed 1.9 percent to $1,816.15, while palladium gained 0.6 percent to $1,576.25, tracking broader investor interest and industrial demand trends.