Dubai gold prices tumble for third day, with 24K at Dh584.50
Silver gains while oil surge and dollar swings reshape metals
DUBAI – Gold markets opened Thursday under fresh pressure as investors weighed a sharp overnight sell-off, a pause in the dollar rally and renewed geopolitical tension in the Middle East.
Sentiment across bullion trade remained highly sensitive after the US Federal Reserve and the Bank of Canada kept interest rates unchanged while signalling ongoing inflation concerns.
At the same time, surging oil prices, conflict-linked risks around Iran and the Strait of Hormuz, and uncertainty surrounding possible moves by US President Donald Trump’s administration kept safe-haven demand in focus.
Dubai gold rates
In Dubai, the latest Dubai Jewellery Group retail rates showed a clear drop across all major categories. On Thursday, March 19, 24K gold was priced at Dh584.50 per gram, compared with Dh601.00 on Wednesday, Dh607.00 on Tuesday and Dh604.25 on Monday. That means 24K fell Dh16.50 day-on-day, Dh22.50 from Tuesday and Dh19.75 from Monday.
The same downward pattern was seen across other categories. 22K stood at Dh541.25 on Thursday, down from Dh556.50 on Wednesday, Dh562.00 on Tuesday and Dh559.50 on Monday. 21K was priced at Dh519.00, compared with Dh533.50, Dh539.00 and Dh536.50 over the previous three sessions. 18K dropped to Dh444.75 from Dh457.25 on Wednesday, Dh462.00 on Tuesday and Dh459.75 on Monday, while 14K slipped to Dh347.00, down from Dh356.75, Dh360.25 and Dh358.75 respectively.
The fall brought Dubai’s gold rates to their lowest levels of the week so far, offering a markedly cheaper entry point for buyers after prices stayed above Dh600 for 24K over the previous three sessions.
Global markets
In the international market, spot gold rose 0.7% to $4,851.43 an ounce by 0433 GMT on Thursday after touching its lowest level since February 6 earlier in the day. That rebound followed a steep 3.7% decline in the previous session. US gold futures for April delivery were at $4,852.70. The support came from a pause in the US dollar rally, which made bullion cheaper for holders of other currencies, although gains were capped by the Fed’s hawkish tone on rates and inflation.
Markets were also responding to a sharp rise in oil prices. Oil climbed above $110 a barrel after Iran struck energy facilities across the Middle East, while continued disruption around the Strait of Hormuz added to concerns over transport and manufacturing costs. That has complicated the outlook for interest-rate cuts, as higher energy prices can intensify inflation pressures even while gold retains its appeal as a hedge in uncertain times.
Reports also suggested that Donald Trump’s administration was considering deploying thousands of US troops to reinforce operations in the region.
Other precious metals
Other precious metals also moved higher on Thursday. Spot silver gained 0.4% to $75.63 an ounce, platinum rose 0.7% to $2,036.67, and palladium added 1.8% to $1,501.37. The gains pointed to a broader rebound across precious metals after the previous session’s volatility, even as traders continued to track the dollar, oil prices and geopolitical developments for the next directional signal.