Dubai gold opens at Dh547.25 amid oil surge and Iran tensions
Silver weakens while investors monitor global inflation signals
DUBAI – Dubai’s gold market remains one of the most closely watched in the region, with residents and tourists alike tracking daily movements across jewellery rates and international bullion prices.
The emirate’s tax advantages and competitive pricing continue to make it a key destination for gold buyers.
Market shifts are also closely linked to movements in global commodities, currency markets and geopolitical developments.
Dubai gold rates
On Monday, Dubai gold prices opened on a stable note, according to the Dubai Jewellery Group's suggested retail rates. Rates held firm across major categories, even as global markets assessed renewed geopolitical tensions and inflation concerns.
Dubai Jewellery Group listed 24K gold at Dh547.25 per gram, while 22K stood at Dh506.75. The 21K variant was priced at Dh486.00 per gram and 18K reached Dh416.50. Meanwhile, 14K gold opened at Dh325.00 per gram.
Global markets
Spot gold steadied at $4,540.36 per ounce on Monday after falling earlier to its lowest level since March 30. US gold futures for June delivery slipped 0.4% to $4,543.70 after investors reacted to rising oil prices and expectations of tighter monetary policy.
Global markets remained focused on growing tensions across the Middle East. Reports of a drone strike causing a fire at a nuclear power facility in the UAE added to market uncertainty. At the same time, oil prices climbed to a two-week high as regional developments involving Iran and concerns surrounding maritime security around the Strait of Hormuz drew attention. Saudi Arabia also reported intercepting drones, while US President Donald Trump warned that Iran needed to move quickly after diplomatic efforts appeared to slow.
Rising oil prices have revived inflation concerns, a factor that can reduce the appeal of non-yielding assets such as gold if central banks keep interest rates elevated. Investors are also awaiting minutes from the US Federal Reserve’s April policy meeting later this week for indications on future rate direction.
Other precious metals
Other precious metals traded lower on Monday. Spot silver dropped 0.8% to $75.38 per ounce, while platinum edged down 0.1% to $1,972.10.
Palladium recorded a sharper decline of 1.3%, trading at $1,394.75.
Attention on silver also intensified after India moved to curb imports of the metal in most forms with immediate effect, a move aimed at easing pressure on the rupee and reducing shipment volumes.