Dubai gold prices drop Dh9 as 24K falls to Dh479.75 per gram
Silver edges higher despite broad precious metals weakness
DUBAI – Dubai's gold market witnessed a sharp decline on Friday, extending losses seen over the past week as international bullion prices remained under pressure.
The latest rates published by the Dubai Jewellery Group showed all major gold categories falling significantly from the previous day.
The drop comes as global investors weighed escalating geopolitical tensions in the Middle East, stronger inflation expectations and the prospect of higher U.S. interest rates.
Dubai gold rates
On Friday, 24K gold was priced at Dh479.75 per gram, while 22K stood at Dh444.25 and 18K was available at Dh365.00 per gram. The latest figures represent one of the biggest single-day declines this week in Dubai's retail jewellery market.
Compared with Thursday, 24K gold fell by Dh6.50 from Dh486.25, while 22K dropped Dh6.00 from Dh450.25. The 18K rate declined Dh5.00 from Dh370.00.
The comparison with earlier sessions highlights the broader downward trend. On Wednesday, 24K was priced at Dh486.25, 22K at Dh450.50 and 18K at Dh370.25. Tuesday's rates stood at Dh484.50, Dh448.75 and Dh368.75, respectively. On Monday, Dubai opened the week with 24K at Dh488.75, 22K at Dh452.50 and 18K at Dh372.00 per gram.
Overall, 24K gold has declined Dh9.00 since Monday, while 22K has fallen Dh8.25 and 18K has lost Dh7.00 per gram, reflecting the sharp correction seen across international bullion markets.
Global markets
Internationally, spot gold traded around $4,002.39 an ounce after touching its lowest level since July 1 earlier in the session, while U.S. gold futures for August were at $4,006.10. The precious metal has lost around 3 percent this week, putting it on course for its biggest weekly decline in six weeks.
Markets have been dominated by the escalating U.S.-Iran conflict, which has pushed oil prices up by about 12 percent over the week. Higher energy costs have renewed concerns about inflation and increased expectations that the U.S. Federal Reserve could keep interest rates higher for longer. Traders are now pricing in a 73 percent probability of a rate increase in December.
The conflict has also intensified concerns over energy supplies moving through the Strait of Hormuz, a critical global oil shipping route, keeping crude prices elevated and adding another layer of uncertainty for financial markets. While gold typically benefits from geopolitical risks, expectations of tighter monetary policy have outweighed safe-haven demand during the week.
Other precious metals
Other precious metals also remained under pressure despite modest gains on Friday. Spot silver traded at $55.83 an ounce after rising slightly during the session but remained on course for a weekly loss.
Platinum slipped to $1,602.02 an ounce, while palladium eased to $1,244.84, with both metals also heading for their weakest weekly performance in three weeks.