Dubai gold rates slip Dh10.25 as 24K hits Dh566.75
Silver, platinum and palladium retreat in volatile trading session
DUBAI – Dubai’s gold market opened on a softer note on Thursday, reflecting a broader global pullback in bullion prices.
The emirate, widely known for its transparent pricing and strong jewellery demand, continues to track international trends closely.
Rates issued by the Dubai Jewellery Group show a clear downward shift over the past few sessions, mirroring investor caution worldwide.
Dubai gold rates
Dubai Jewellery Group’s suggested retail rates on Thursday show 24K gold at Dh566.75 per gram, down from Dh573.00 on Wednesday. The decline extends a multi-day slide from Tuesday’s Dh577.00, which was unchanged from Monday’s levels.
Other categories followed a similar pattern. 22K dropped to Dh524.75 from Dh530.50 on Wednesday and Dh534.25 earlier in the week. 21K eased to Dh503.25, compared to Dh508.75 and Dh512.25 over the previous two days. 18K fell to Dh431.25, while 14K reached Dh336.50, both marking steady declines since Monday.
The data indicates a cumulative drop of more than Dh10 per gram for 24K gold since the start of the week, signalling a notable cooling in local bullion prices after recent highs.
Global trends
International markets showed similar weakness, with spot gold falling 0.6 per cent to $4,711.27 per ounce, while US gold futures slipped to $4,727.70. The downturn comes as oil prices remain elevated, with Brent crude holding above $100 a barrel.
Rising energy costs have intensified inflation concerns, prompting expectations that interest rates may stay higher for longer. While gold is traditionally seen as a hedge against inflation, higher interest rates reduce its appeal compared to yield-bearing assets.
Geopolitical tensions are also shaping sentiment. Developments involving the United States and Iran, including maritime disruptions in the Strait of Hormuz and ongoing naval blockades, have added uncertainty to global markets. Investors remain cautious as stalled negotiations and supply risks keep energy prices elevated.
Other precious metals
Other precious metals mirrored gold’s decline. Spot silver dropped 2.3 per cent to $75.94 per ounce, reflecting broader selling pressure across the metals complex.
Platinum fell 1.6 per cent to $2,041.43, while palladium declined 1.9 per cent to $1,516.47. The retreat across these metals highlights a market driven by macroeconomic factors rather than individual supply-demand dynamics.