Dubai gold drops Dh9.50 per gram amid global market pressure
Silver joins gold retreat as investors watch global developments
DUBAI – Dubai’s gold market remains one of the region’s most closely watched retail indicators, with residents and visitors tracking daily shifts for jewellery purchases and investment decisions.
The emirate’s rates move in tandem with international bullion markets while reflecting local retail pricing trends.
Wednesday brought another notable adjustment, with prices across all categories moving lower after holding firm at the start of the week.
Dubai gold rates
According to Dubai Jewellery Group’s suggested retail prices for May 20, 24K gold was priced at Dh537.75 per gram, while 22K stood at Dh498.00. Rates for 21K and 18K reached Dh477.50 and Dh409.25 respectively, while 14K gold was at Dh319.25.
The latest movement represents a noticeable drop from Tuesday’s levels. On May 19, 24K gold traded at Dh547.25 per gram, with 22K at Dh506.75, 21K at Dh486.00, 18K at Dh416.50 and 14K at Dh325.00. Monday’s rates were unchanged from Tuesday, meaning Wednesday’s revision marked the first major movement of the week.
The decline translated into a Dh9.50 reduction in 24K prices, while 22K fell Dh8.75 and 21K dropped Dh8.50 per gram. Lower-karat categories also saw declines, reflecting a broad market retreat.
Global markets
International gold markets also moved lower on Wednesday, with spot gold slipping 0.4% to $4,464.64 an ounce after touching its weakest level since late March. US gold futures for June delivery lost 1% to $4,466.40.
The retreat came as benchmark US Treasury yields hovered near multi-month highs while the dollar held around a six-week peak, making dollar-priced bullion more expensive for overseas buyers. Investors also remained focused on the US Federal Reserve outlook, with expectations that interest rates could remain elevated for longer.
Geopolitics continued to influence sentiment. Developments surrounding the US and Iran remained under close watch after mixed signals from Washington raised questions over regional stability and possible implications for energy routes such as the Strait of Hormuz. Oil markets and broader risk appetite also remained in focus.
Other precious metals
Other precious metals also reflected softer momentum. Spot silver slipped 0.3% to $73.59 per ounce, platinum declined 0.3% to $1,917.18, while palladium edged 0.7% higher to $1,366.35.