Dubai gold slips with 24K down Dh2.75 as global prices hold firm
Silver prices dip slightly amid cautious global sentiment
DUBAI – Dubai’s gold market continues to mirror global uncertainty, with prices easing on Thursday after a sharp midweek spike.
The emirate’s retail rates, published daily by the Dubai Jewellery Group, show a modest decline across all categories.
Despite the dip, gold remains near historic highs, supported by geopolitical tensions and firm oil prices. The latest movement follows two days of volatility driven by shifting investor sentiment.
Dubai gold rates
As of Thursday, gold rates in Dubai stand at:
- 24K: Dh544.50 (down from Dh547.25 on Wednesday)
- 22K: Dh504.25 (down from Dh506.75)
- 21K: Dh483.50 (down from Dh485.75)
- 18K: Dh414.50 (down from Dh416.50)
- 14K: Dh323.25 (down from Dh324.75)
The decline follows a strong jump earlier in the week. On Tuesday, 24K gold was priced at Dh526.25, unchanged from Monday, indicating a sharp rise of over Dh18 before easing slightly today. Similar patterns were seen across all karats, reflecting a rapid market reaction to global developments.
Global trends
Internationally, gold prices held steady, with spot gold at $4,503.29 per ounce, while US futures slipped to around $4,500. Markets remain cautious as geopolitical tensions dominate sentiment, particularly surrounding the ongoing conflict involving Iran and statements from US President Donald Trump.
Oil prices have surged above $100 per barrel, driven by supply concerns after disruptions in key shipping routes. Rising crude costs are fuelling inflation expectations, typically supportive of gold. However, expectations that the U.S. Federal Reserve may hold interest rates steady have limited further gains, as higher rates reduce the appeal of non-yielding assets like gold.
Currency markets are also playing a role, with a firm dollar keeping bullion prices in check despite strong safe-haven demand.
Other precious metals
Silver prices edged lower, tracking gold’s cautious movement. Spot silver dipped 0.1% to $71.19 per ounce, reflecting subdued investor appetite. Other precious metals also declined, with platinum falling to $1,906.90 and palladium dropping to $1,404.