Dubai gold at Dh603.25 as global prices fall over 1% in holiday-thinned trade
Silver slides after last week’s sharp rally
DUBAI – Dubai gold rates began Monday on a softer note, reflecting the pullback in international bullion markets.
The latest retail prices released by the Dubai Jewellery Group show declines across all major categories. The adjustment follows a drop of more than 1% in global gold prices during thin holiday trade.
Dubai gold rates
As of Monday, 24K gold is priced at Dh603.25 per gram.
The 22K variant stands at Dh558.50, while 21K is retailing at Dh535.50 per gram.
Meanwhile, 18K gold is set at Dh459.00 and 14K at Dh358.00 per gram.
Global gold markets
Internationally, spot gold fell 0.9% to $4,997.59 per ounce by 0726 GMT, after losing more than 1% earlier in the session. US gold futures for April delivery declined 0.6% to $5,017.20 per ounce. Trading volumes remained subdued with US markets closed for Presidents' Day and Chinese markets shut from February 15 to 23 for the Lunar New Year holiday.
The pullback follows a 2.5% rally in the previous session, triggered by softer-than-expected US consumer inflation data. The US Consumer Price Index rose 0.2% in January, compared with expectations of a 0.3% increase. Market participants continue to anticipate that the Federal Reserve will keep rates unchanged at its March 18 meeting, although 75 basis points of rate cuts are still being priced in for 2026, with the first expected in July.
Gold’s direction remains closely tied to the dollar and interest rate outlook. Non-yielding bullion typically benefits in a lower rate environment, but the absence of fresh catalysts and profit-taking weighed on prices at the start of the week.
On the geopolitical front, reports indicated that the US military is preparing for a potential operation against Iran if authorised by Donald Trump, adding a layer of uncertainty to global markets.
Other precious metals
Spot silver fell 0.8% to $76.82 per ounce after dropping more than 3% earlier in the session. The metal had surged 3.4% on Friday. Platinum eased 0.7% to $2,048.15 per ounce, while palladium held steady at $1,685.64.
The movement in precious metals comes amid holiday-thinned liquidity and continued positioning ahead of key monetary policy decisions.