Dubai gold slips as 24K falls to Dh518 amid global market shifts
Silver gains as investors weigh interest rates and geopolitical tensions
DUBAI – Dubai gold rates edged lower on Thursday, with all three key jewellery categories recording declines from Wednesday.
The Dubai Jewellery Group's suggested retail jewellery prices put 24K gold at Dh518 per gram, while 22K stood at Dh479.50 and 18K at Dh394.25. The movement came as international bullion markets absorbed the latest US Federal Reserve decision, shifting expectations around interest rates, inflation and the wider economic outlook.
The 24K rate fell Dh2.75 from Dh520.75 on Wednesday. The 22K price declined by Dh2.75 from Dh482.25, while 18K slipped Dh2 from Dh396.25.
The latest rates also mark a retreat from Tuesday, when 24K gold was priced at Dh518.75 per gram, 22K at Dh480.50 and 18K at Dh394.75. Compared with Monday's Dh521.75 for 24K, Dh483.25 for 22K and Dh397 for 18K, Thursday's levels are lower by Dh3.75, Dh3.75 and Dh2.75 respectively.
Global markets
Internationally, spot gold rose 0.8 per cent to $4,295.26 an ounce by 0443 GMT on Thursday, after touching a near six-week low during the previous session. US gold futures for December delivery, however, fell 1.2 per cent to $4,333.90.
The market is digesting the Federal Reserve's latest interest-rate decision after the US central bank raised rates by 25 basis points on Wednesday to a target range of 3.75 per cent to 4 per cent. Updated projections indicated that 16 of 18 policymakers expected at least one further quarter-percentage-point increase by the end of 2026.
The stronger-rate outlook can weigh on gold because higher yields increase the appeal of interest-bearing assets, although bullion has also been supported by technical factors following its recent decline. The dollar remains a key influence because gold is priced in US currency, with movements in the greenback affecting the metal's appeal to holders of other currencies.
Oil prices eased after an earlier rally, with reports that Saudi Arabia was offering additional crude cargoes through Oman adding to downward pressure. The energy market remains closely linked to geopolitical developments surrounding the Iran conflict, which has entered its seventh month.
US President Donald Trump said he hoped an end to the conflict was near, while fighting involving Saudi Arabia and Houthi forces continued to add uncertainty across the region. The Strait of Hormuz remains a critical focus for energy markets because of its importance to global oil shipments, keeping developments around the waterway closely watched by traders.
Other precious metals also advanced. Spot silver rose 1.2 per cent to $63.73 an ounce, while platinum gained 1.7 per cent to $1,783.56. Palladium climbed 2.2 per cent to $1,296.70, giving the wider precious-metals complex a stronger tone even as Dubai's retail gold rates moved lower.