Dubai gold rates hit Dh526.25 while global gold sinks to 4-month low
Silver slips over 3% as precious metals face broad sell-off
DUBAI – Dubai gold rates opened lower on Monday, reflecting continued pressure from global markets where prices have extended a steep multi-day decline.
The drop comes amid heightened geopolitical tensions in the Middle East, rising oil prices and shifting expectations around US interest rates.
Retail prices in Dubai are tracking the international downturn, with sentiment weighed down by inflation fears and monetary tightening bets.
Dubai gold rates
According to the Dubai Jewellery Group, the suggested retail gold jewellery prices on March 23, 2026, are:
- 24K: Dh526.25 per gram
- 22K: Dh487.25 per gram
- 21K: Dh467.25 per gram
- 18K: Dh400.50 per gram
- 14K: Dh312.50 per gram
Compared to recent sessions, Dubai rates are aligned with the global slide, where gold has been under sustained selling pressure. The current levels reflect one of the weakest phases in recent months, following a sharp weekly decline exceeding 10% in international markets.
Global trends
Globally, gold prices dropped more than 2% on Monday, touching nearly a four-month low. Spot gold fell to $4,366.94 per ounce, marking a ninth consecutive session of losses. US gold futures for April delivery also declined sharply to $4,369.90.
The downturn is closely linked to escalating tensions involving Iran and the United States. Iran has warned of strikes on Gulf infrastructure if the US proceeds with threats targeting its power grid. At the same time, concerns over disruptions in the Strait of Hormuz have kept oil prices elevated above $110 per barrel.
Rising crude prices are fuelling inflation fears, which in turn are shifting market expectations. Investors are now increasingly pricing in a potential US Federal Reserve rate hike rather than cuts, with probabilities rising to around 32% by December. Higher interest rates typically reduce the appeal of non-yielding assets like gold, intensifying the sell-off.
Other precious metals
Other precious metals also declined in tandem with gold. Spot silver dropped 3.4% to $65.45 per ounce, reflecting broader market weakness. Platinum fell by the same margin to $1,857.67, while palladium remained steady at $1,403.10.