Dubai gold rates fall up to Dh10 amid 2pc global slide
Silver retreats as liquidity thins
DUBAI – Dubai gold prices declined sharply on Tuesday, mirroring a global sell-off in bullion markets.
Rates across all categories fell compared to Monday, with 24K gold dropping by Dh10 per gram. The decline follows a more than 2% slide in international gold prices amid thin liquidity and a firmer US dollar.
Dubai gold rates
According to the Dubai Jewellery Group, 24K gold is priced at Dh593.25 per gram on Tuesday, down from Dh603.25 on Monday. The 22K rate stands at Dh549.25, compared to Dh558.50 a day earlier.
The 21K category has fallen to Dh526.75 from Dh535.50, while 18K declined to Dh451.50 from Dh459.00. Meanwhile, 14K gold is retailing at Dh352.25, down from Dh358.00.
Global gold market
Internationally, spot gold dropped 1.9% to $4,898.53 per ounce by 0622 GMT after touching $4,862 earlier in the session, its lowest level since February 6. US gold futures for April delivery fell 2.6% to $4,917.70 per ounce.
Trading volumes were lighter due to Lunar New Year holidays across major Asian markets, including China, Hong Kong, Singapore, Taiwan and South Korea, while US markets were closed on Monday for Presidents’ Day. Reduced participation amplified price swings in early trade.
The US dollar index rose 0.2%, making dollar-denominated gold more expensive for holders of other currencies. Investors are also awaiting minutes from the Federal Reserve’s January meeting, due on Wednesday, for signals on the interest rate path. Markets currently anticipate the first of three potential rate cuts in June, according to CME’s FedWatch Tool.
On the geopolitical front, US President Donald Trump said he would be indirectly involved in US-Iran nuclear talks in Geneva on Tuesday, alongside separate US-mediated discussions between Ukrainian and Russian representatives.
Other precious metals
Other precious metals also retreated. Spot silver fell 2.8% to $74.46 per ounce after dropping more than 5% earlier in the session.
Platinum declined 2% to $2,000.27, while palladium slipped 2.4% to $1,682.23 per ounce, reflecting broader weakness across the metals complex.