Dubai gold slips Dh8 per gram as global markets track dollar strength
Silver prices decline as precious metals face global pressure
DUBAI – Dubai gold rates remain closely watched by residents, tourists and investors as the emirate’s jewellery market responds quickly to international bullion movements.
Prices across different gold categories are influenced by global market trends, currency fluctuations and economic developments.
On Tuesday, Dubai Jewellery Group’s suggested retail jewellery prices showed a decline across all major gold categories compared with the previous day.
Dubai gold rates
According to the Dubai Jewellery Group rates, 24K gold was priced at Dh496.25 per gram, down from Dh503.75 per gram on Monday, marking a decrease of Dh7.50 per gram. The price of 22K gold dropped to Dh459.50 per gram from Dh466.50, while 21K gold moved down to Dh440.50 per gram compared with Dh447.25 previously.
The rate for 18K gold stood at Dh377.75 per gram on Tuesday, compared with Dh383.25 on Monday, while 14K gold declined to Dh294.50 per gram from Dh299.00.
Global market
International gold prices also faced pressure as the US dollar remained strong near a one-year high, making bullion more expensive for buyers using other currencies. Spot gold fell more than 1%, trading at around $4,119.13 per ounce, while US gold futures for August delivery declined to $4,137.10 per ounce.
Market attention remained focused on expectations surrounding US Federal Reserve policy, with investors weighing the possibility of an interest rate hike later this year. Higher interest rates generally reduce the appeal of non-yielding assets such as gold.
Gold markets were also tracking developments linked to US-Iran talks, with officials assessing progress towards a possible agreement. The United States announced a 60-day waiver on sanctions against Iran following early discussions, while regional developments involving the Middle East continued to influence investor sentiment.
Oil prices also remained part of the broader market picture, as changing energy costs affected expectations around inflation and economic conditions. Concerns around regional stability, including developments involving the Strait of Hormuz, continued to keep attention on energy markets and global trade routes.
Other precious metals
Silver prices moved lower alongside gold, with spot silver falling 4% to $62.59 per ounce. Other precious metals also recorded declines, with platinum dropping 2% to $1,644.75 per ounce and palladium falling 2.3% to $1,236.50 per ounce.
The precious metals market is now looking ahead to upcoming US economic data, including the Personal Consumption Expenditures (PCE) inflation report, which is closely monitored by the Federal Reserve for future monetary policy signals. The outcome could influence movements in the dollar, interest rate expectations and bullion prices in global markets.