Dubai gold prices retreat after global rally, 24K at Dh 512.25
Jewellery prices slide after midweek high
DUBAI – Dubai’s retail gold jewellery prices eased on Saturday, with 24K gold trading at Dh 512.25 per gram, 22K at Dh 474.25, 21K at Dh 455.00, and 18K at Dh 390.00, according to Dubai Jewellery Group.
The drop marks a 2.2 percent decline from Friday’s levels, when 24K had touched Dh 523.75 per gram.
Over the past week, gold prices in the emirate have shown sharp daily swings. On Thursday, 24K was priced at Dh 510.00, while earlier readings stood at Dh 503.50 on Wednesday and Dh 502.50 on Tuesday. At the start of the week, on Monday, the 24K rate was Dh 488.75 per gram, highlighting a steady upward climb before the latest pullback.
Global trends
Globally, gold prices fell more than 2 percent on Friday after touching a record high above $4,300 per ounce. The retreat came as the US dollar firmed and markets reacted to comments by President Donald Trump, who suggested that 100 percent tariffs on Chinese goods would be unsustainable. Spot gold ended the session around $4,211.48 per ounce, while US gold futures for December delivery settled at $4,213.30.
Despite the correction, gold remains about 4.8 percent higher for the week, driven by safe-haven demand, central bank purchases, and expectations of a 25-basis-point interest rate cut by the US Federal Reserve at its upcoming meeting. Analysts forecast average prices near $4,488 in 2026, with some predicting further upside if monetary conditions stay loose.
Trump’s confirmation of a meeting with his Chinese counterpart helped temper concerns about a prolonged trade confrontation. The shift in tone eased immediate demand for gold as a risk hedge, after days of feverish buying that pushed the metal to all-time highs.
Other precious metals
Silver mirrored gold’s volatility, falling 5.6 percent to $51.20 per ounce after briefly hitting $54.47, its highest ever level. Platinum declined 6.1 percent to $1,607.85, while palladium slipped 7.9 percent to $1,485.50.