Dubai gold slips to Dh492.75 for 24K amid global dollar strength
Platinum and palladium decline, silver steadies at $48.56 per ounce
DUBAI -- Dubai gold prices declined on Thursday, with 24K trading at Dh492.75 per gram, down from Dh497.25 on Wednesday, according to the Dubai Jewellery Group.
The 22K variant was priced at Dh456.25, while 21K and 18K stood at Dh437.50 and Dh375.00, respectively.
The downward movement marks the third consecutive day of declines in the emirate’s retail gold market. Earlier in the week, on Tuesday, 24K was trading significantly higher at Dh523.25, while Monday saw rates at Dh514.00 per gram.
Despite this week’s fluctuations, gold has still recorded an impressive 56% gain so far in 2025, driven by persistent geopolitical tensions, central bank buying, and expectations of lower global interest rates.
Global bullion movement
Globally, gold prices eased as the US dollar strengthened, making the metal costlier for international buyers. Spot gold slipped 0.1% to $4,089.21 per ounce as of 0502 GMT, while US gold futures rose 1% to $4,104.70. Despite the slight dip, the precious metal remains elevated after touching a record high of $4,381.21 per ounce earlier this week.
The dollar index gained 0.2%, ahead of Friday’s release of the delayed US Consumer Price Index (CPI) report. Investors are watching for signals on the Federal Reserve’s next policy move, with markets largely expecting a 25-basis-point rate cut next week.
Trade tensions and tariffs
Market sentiment was also influenced by US President Donald Trump’s latest trade announcements. He confirmed plans to meet Chinese President Xi Jinping next week in South Korea, amid talks over Beijing’s purchase of Russian oil. The US administration is reportedly considering new restrictions on technology exports to China following its latest rare earth export controls.
The White House also introduced new sanctions on Russian oil firms Lukoil and Rosneft, marking the first Ukraine-related sanctions of Trump’s second term.
Other precious metals
Among other metals, spot silver rose 0.1% to $48.56 per ounce, while platinum slipped 1% to $1,605.66 and palladium dropped 1.7% to $1,433.91.