Dubai gold holds at Dh577 for 24K under global tensions
Silver demand softens despite inflation concerns worldwide
DUBAI – Dubai’s gold market remains a focal point for investors and jewellery buyers, with prices updated daily by the Dubai Jewellery Group reflecting both local demand and global economic movements.
Known for its competitive pricing and high purity standards, Dubai continues to attract buyers even as international markets fluctuate.
Dubai gold rates
According to the Dubai Jewellery Group, today’s suggested retail gold jewellery prices are as follows:
- 24K: Dh577.00 per gram
- 22K: Dh534.25 per gram
- 21K: Dh512.25 per gram
- 18K: Dh439.00 per gram
- 14K: Dh342.50 per gram
Global trends
Globally, gold prices edged lower on Monday, pressured by a stronger US dollar and renewed geopolitical tensions. Spot gold fell 0.7% to $4,794.21 per ounce, while US gold futures for June delivery dropped 1.3% to $4,813.70. The decline follows a brief rally last week, as markets now react to shifting developments in the Middle East.
The dollar index strengthened, making gold more expensive for holders of other currencies, while US Treasury yields also moved higher. This combination has weighed on gold, which typically loses appeal in a high-interest-rate environment.
Tensions between the United States and Iran have resurfaced, influencing multiple asset classes. Reports of a seized Iranian cargo ship and Tehran’s decision to reject further negotiations have heightened uncertainty. At the same time, concerns around the Strait of Hormuz have disrupted shipping flows, pushing oil prices higher.
Rising oil prices have added to inflation fears, which in turn support the dollar and bond yields. While gold is traditionally seen as a hedge against inflation, higher yields reduce its attractiveness as a non-yielding asset. Since late February, gold prices have declined about 8% amid these conflicting pressures.
Other precious metals
Among other precious metals, silver mirrored gold’s downward trend, falling 1.3% to $79.75 per ounce. Platinum slipped 0.8% to $2,086.90, while palladium edged down 0.4% to $1,553.