Dubai gold rates ease by Dh1 amid global bullion moves
Silver declines as precious metals follow international market trends
DUBAI – Gold remains one of Dubai’s most closely watched commodities, with jewellery shoppers and investors tracking daily movements across different purity levels.
The city’s gold market reflects international bullion trends, currency fluctuations and global economic developments, making daily rate updates a key reference point for buyers. Dubai Jewellery Group’s latest suggested retail jewellery prices show minor changes across all major gold categories compared with the previous day.
Dubai gold rates
On Tuesday, Dubai gold rates recorded a slight decline from Monday’s levels. The price of 24K gold stood at Dh520.75 per gram, compared with Dh521.75 per gram on Monday. Meanwhile, 22K gold was priced at Dh482.25 per gram, down from Dh483.00, while 21K moved to Dh462.50 from Dh463.25. The rate for 18K gold slipped to Dh396.25 per gram from Dh397.00, and 14K gold eased to Dh309.25 from Dh309.75.
Global markets
International gold prices edged higher on Tuesday, supported by easing concerns over possible interest rate increases following a preliminary US-Iran peace agreement. Spot gold climbed 0.3% to $4,317.43 per ounce, extending gains for a fourth consecutive session after reaching a more than one-week high on Monday.
US President Donald Trump said a preliminary agreement to end the conflict in the Persian Gulf had been signed by the US and Iran, although details of the arrangement remained unclear and both sides indicated that a permanent truce still required further negotiations.
The US dollar remained near a 10-day low, helping make dollar-priced gold more affordable for buyers using other currencies. Investors also turned attention towards the Federal Reserve’s upcoming policy decision and comments from Chair Kevin Warsh, with markets largely expecting interest rates to remain unchanged.
Gold markets continue to track expectations around US monetary policy, as higher interest rates typically reduce the appeal of non-yielding assets such as bullion. Traders have reduced expectations of a possible US rate hike in December following the latest geopolitical developments.
Energy markets are also watching developments around the Persian Gulf and the Strait of Hormuz, a major global oil transit route. Any changes in regional stability can influence oil prices, inflation expectations and broader financial markets.
US gold futures for August delivery eased 0.3% to $4,338.70 per ounce, reflecting cautious trading ahead of the Federal Reserve decision.
Other precious metals
Other precious metals recorded mixed movements in global markets. Silver prices declined 0.9% to $69.42 per ounce, while platinum fell 0.3% to $1,762.34 per ounce. Palladium also moved lower, dropping 1.1% to $1,333.13 per ounce.