Dubai gold slips Dh1 as 24K settles at Dh545.75 amid global pressure
Silver stays firm while global metals face mixed trading patterns
DUBAI – Dubai’s gold market continues to draw residents, tourists and investors with its competitive pricing and near-daily fluctuations that often mirror global financial movements.
The emirate’s retail gold rates, closely followed by jewellery buyers and traders, respond to shifts in international bullion prices, currency movements and geopolitical developments.
Friday brought another adjustment, with prices easing slightly after a week marked by sharp swings.
Dubai gold rates
According to the Dubai Jewellery Group’s suggested retail jewellery rates for May 22, 24K gold was priced at Dh545.75 per gram, while 22K stood at Dh505.25.
Rates for 21K and 18K were Dh484.50 and Dh415.25 respectively. The 14K category was listed at Dh324 per gram.
Compared with Thursday, 24K gold slipped by Dh1 after standing at Dh546.75 a day earlier. Similar declines were recorded across categories, with 22K dropping Dh1.25 and 21K easing Dh1. On Wednesday, however, rates had climbed significantly, with 24K at Dh537.75 and 22K at Dh498.
The broader week showed larger fluctuations. Tuesday’s 24K rate stood at Dh547.25, identical to Monday’s level, before markets moved lower and then rebounded midweek. Over the five-day period, 24K gold witnessed a Dh9.50 trading range, reflecting the volatility currently shaping bullion markets.
Global markets
International gold prices moved lower on Friday, weighed down by a stronger US dollar and expectations surrounding interest rates. Spot gold slipped 0.3 per cent to $4,527.60 per ounce, while US gold futures for June delivery lost 0.3 per cent to $4,529.10.
The dollar remained near a six-week high, making gold more expensive for holders of other currencies and reducing demand pressure. Markets also watched developments involving US President Donald Trump and Iran, with discussions surrounding Tehran’s uranium stockpile and control of the Strait of Hormuz remaining under focus.
Oil prices also stayed elevated as investors assessed the prospects of progress in US-Iran talks. Rising energy prices have fuelled concerns over inflation, increasing expectations that interest rates could remain higher for longer. Market expectations currently indicate a 60 per cent probability of a US Federal Reserve rate move before year-end.
Other precious metals
Elsewhere in precious metals, silver edged down 0.2 percent to $76.53 per ounce, although it remained on course for a weekly gain of around 0.8 percent.
Platinum slipped 0.5 percent to $1,955.66 per ounce, while palladium declined 0.2 percent to $1,375.35, with both metals heading towards weekly losses as broader market sentiment stayed cautious.