Dubai gold drops again, down Dh3.50 from weekly high
22K, 21K and 18K bite further into losses this session
DUBAI: Gold prices in Dubai continued their downward trend on Saturday, easing further from midweek highs.
The price of 24K gold fell to Dh402.25 per gram, marking a drop of Dh0.75 from the previous day, and a total decline of Dh3.50 from Wednesday’s peak of Dh405.75.
Other categories also edged lower. 22K gold was priced at Dh372.25, while 21K stood at Dh357.00, and 18K settled at Dh305.75. This latest drop reflects a continuation of the two-day decline following a strong start to the week.
Weekly price movement
The week began on a bullish note. On Monday, 24K gold was priced at Dh405.00, rising to Dh408.75 on Tuesday, and peaking at Dh412.25 by Wednesday. However, the momentum began to fade on Thursday, when 24K dropped to Dh407.50, followed by a Dh2.50 fall on Friday to Dh405.00. Saturday’s price of Dh402.25 confirms a cumulative five-dirham retreat from the midweek rally.
A similar pattern was observed in other categories, with 22K falling from Dh377.50 (Wednesday) to Dh372.25, and 21K and 18K also sliding from midweek levels by around Dh3–Dh4.
Global market influence
The pullback in Dubai gold mirrors international trends. Spot gold was trading at around $3,363.91 per ounce, down 0.1% as investors reacted to improving trade sentiment between the United States and the European Union. The prospect of a broad trade agreement has reduced the demand for safe-haven assets like gold.
Still, the weaker US dollar limited deeper losses, with the dollar index on track for its worst weekly performance in a month – making dollar-priced gold more attractive to buyers using other currencies.