Dubai gold rates dip by Dh3 per gram as global prices hit two-week low
Silver climbs as precious metals track global market movements
DUBAI – Dubai gold rates remained a key focus for jewellery buyers and investors on Wednesday as prices softened across all categories after a decline in international bullion markets.
The Dubai Jewellery Group’s suggested retail gold jewellery prices showed a drop compared with the previous sessions, reflecting movements in global gold trading.
Gold continues to be closely tracked in Dubai, where daily price changes influence jewellery demand and market activity.
Dubai gold rates
According to the Dubai Jewellery Group, the price of 24K gold stood at Dh493.25 per gram on Wednesday, down from Dh496.25 per gram on Tuesday and Dh503.75 per gram on Monday.
The 22K category was priced at Dh456.75 per gram, compared with Dh459.50 on Tuesday and Dh466.50 on Monday. Meanwhile, 21K gold declined to Dh438 per gram from Dh440.50 on Tuesday and Dh447.25 on Monday.
For lower purity categories, 18K gold was listed at Dh375.50 per gram, compared with Dh377.75 a day earlier and Dh383.25 on Monday. The 14K rate fell to Dh292.75 per gram from Dh294.50 on Tuesday and Dh299 on Monday.
Global market
International gold prices extended losses on Wednesday, reaching their lowest level in nearly two weeks as a stronger US dollar and expectations of further Federal Reserve interest rate increases weighed on bullion demand. Spot gold fell 0.5% to $4,088.97 per ounce by 0609 GMT after touching its lowest level since 11 June, while US gold futures for August delivery declined 1% to $4,106.30.
The dollar climbed to a more than one-year high, making gold more expensive for buyers using other currencies. Traders have increased expectations of three US Federal Reserve rate hikes in 2026, compared with earlier forecasts of one increase before the latest Fed meeting, according to the CME FedWatch Tool.
Market attention also remained on developments involving US President Donald Trump and Iran, with conflicting signals surrounding nuclear inspection discussions and wider peace negotiations. Uncertainty around the talks has kept investors focused on geopolitical risks, while energy markets continue to monitor potential developments around the Strait of Hormuz, a major global oil transit route.
Gold has also faced pressure after the inflation concerns linked to the US-Israeli conflict with Iran eased and markets shifted attention towards interest rates and currency movements.
Other precious metals
Silver moved in the opposite direction, rising 0.2% to $62.17 per ounce. Platinum gained 0.1% to $1,652.55 per ounce, while palladium edged up 0.1% to $1,238.34 per ounce.
The precious metals market continues to balance changing expectations around monetary policy, currency movements, geopolitical developments and commodity market conditions.