Dubai gold drops Dh4 as 24K falls to Dh543.25 per gram
Dollar strength and global pressures keep buyers watching price changes in markets
DUBAI – Dubai’s gold market continues to command global attention, with residents and visitors closely tracking daily movements across bullion categories.
The emirate remains one of the world’s most active retail gold hubs, with rates updated frequently and jewellery buyers monitoring every shift in prices.
Daily changes often mirror global market movements, currency strength and demand patterns across major consuming nations.
Dubai gold rates
Dubai Jewellery Group’s latest suggested retail prices for Saturday showed a modest decline compared with the previous session. The benchmark 24K rate stood at Dh543.25 per gram, while 22K reached Dh503.25, 21K was priced at Dh482.50 and 18K traded at Dh413.50. The 14K category was listed at Dh322.50 per gram.
Compared with Friday’s levels, Dubai gold saw slight declines across all categories. On May 22, 24K gold stood at Dh545.75 per gram, meaning Saturday prices eased by Dh2.50. Similar reductions were seen in lower purity categories.
Looking further back, Thursday rates had 24K at Dh546.75, while Wednesday registered a lower Dh537.75 before prices climbed sharply again. Tuesday and Monday both recorded Dh547.25 for 24K, representing the highest level seen this week.
The latest figures indicate that Dubai’s benchmark 24K gold has moved within a Dh9.50 range over the past six days. Buyers tracking day-to-day changes witnessed significant swings, especially around the middle of the week.
Global markets
International markets also remained under pressure. Spot gold earlier touched its weakest level in nearly two months as stronger US Treasury yields and a firmer dollar weighed on bullion sentiment. A stronger dollar often raises the cost of gold for buyers using other currencies, reducing international demand.
In major Asian markets, activity reflected cautious buying patterns. China saw premiums narrow to around $10 to $20 an ounce, slightly softer than the previous week. Analysts pointed to concerns over interest rate expectations, rising bond yields and a stronger US currency affecting buying appetite.
India, among the world’s largest gold consumers, continued to experience subdued activity. Dealers reportedly offered discounts of up to $78 per ounce over official domestic prices, lower than previous record discounts but still reflecting weak retail demand. Buyers remained cautious following recent price volatility and changes in import duties.
India earlier raised import tariffs on gold and silver to 15% from 6%, a move designed to reduce overseas purchases and ease pressure on foreign exchange reserves. At the same time, jewellers reportedly remained careful with inventory levels as the wedding season slowed and demand uncertainty persisted.