Dubai gold rates fall by up to Dh6 as local prices retreat
Silver rises as investors track oil and safe-haven demand
DUBAI – Dubai gold prices moved lower on Wednesday, giving buyers a break after the sharp rise seen a day earlier.
Rates across all major categories slipped from Tuesday’s levels, reflecting a softer local retail trend even as international gold continued to hover near historic highs. The pullback in Dubai comes at a time when global bullion markets remain highly sensitive to the Iran war, oil prices above $100 a barrel, disruption in the Strait of Hormuz, the US dollar and the Federal Reserve’s next policy signal.
Dubai gold rates
Dubai Jewellery Group’s suggested retail rates on Wednesday placed 24K gold at Dh601.00 per gram, down from Dh607.00 on Tuesday and Dh604.25 on Monday.
22K gold fell to Dh556.50, compared with Dh562.00 a day earlier and Dh559.50 on Monday.
21K was priced at Dh533.50, against Dh539.00 on Tuesday and Dh536.50 on Monday.
18K stood at Dh457.25, lower than Dh462.00 on Tuesday and Dh459.75 on Monday, while 14K slipped to Dh356.75 from Dh360.25 on Tuesday and Dh358.75 on Monday.
That means Wednesday’s drop from Tuesday came to Dh6.00 for 24K, Dh5.50 for 22K, Dh5.50 for 21K, Dh4.75 for 18K and Dh3.50 for 14K. Compared with Monday, Wednesday’s levels were also lower for every category, though the decline was much smaller, ranging from Dh2.00 to Dh3.25 per gram. The latest figures keep Dubai gold elevated overall, but the midweek move shows how quickly local rates are responding to shifts in international sentiment.
Global gold markets
In global trade, spot gold was last up 0.1 percent at $5,008.58 per ounce, while US gold futures for April rose 0.1 percent to $5,012.60. Investors remained cautious ahead of the Federal Reserve’s policy decision, with markets widely expecting rates to be held steady. The broader backdrop has kept bullion supported, especially as the conflict involving Iran continues to intensify and geopolitical nerves spread through energy and currency markets.
Oil remained above $100 a barrel, while the Strait of Hormuz stayed at the centre of market attention because it handles a major share of global oil shipments. Any prolonged disruption there raises concerns over energy supply, transport costs and inflation. That tends to support gold’s appeal as a safe-haven asset. At the same time, a stronger dollar and elevated interest rates can limit gains, since gold does not offer a yield. Markets have also been watching President Donald Trump closely for any shift in US positioning as the regional crisis develops.
Other precious metals
Elsewhere in precious metals, spot silver rose 0.8 per cent to $79.90 per ounce, staying firm as investors tracked the same risk-driven signals that supported gold. Spot platinum slipped 0.4 per cent to $2,115.34, while palladium edged down 0.2 per cent to $1,598.31.