Dubai gold opens at Dh492.75 as weaker dollar lifts global bullion
Silver climbs as investors track Fed and Middle East developments
DUBAI – Dubai's gold market opened the new week on a firmer note, with retail jewellery prices rising across all major purities in line with gains in international bullion markets.
Gold remains one of the most closely watched commodities in the UAE, where residents and tourists regularly monitor daily price movements before making jewellery and investment purchases.
Monday's increase comes as global markets react to easing geopolitical tensions, a weaker US dollar and growing anticipation ahead of this week's US Federal Reserve policy meeting.
Dubai gold rates
According to the Dubai Jewellery Group's suggested retail prices for Monday, 24K gold was priced at Dh492.75 per gram. The 22K rate stood at Dh456.25 per gram, while 21K gold was available at Dh437.50 per gram.
Meanwhile, 18K gold was selling at Dh375.00 per gram, while 14K gold was priced at Dh292.50 per gram. The revised rates reflected higher international bullion prices at the start of the trading week, with Dubai's retail market continuing to mirror movements in global precious metal markets.
Global market
International gold prices advanced during early trading on Monday as investors responded to a softer US dollar and falling oil prices while awaiting the outcome of the US Federal Reserve's July 28-29 policy meeting.
Spot gold rose 0.9 percent to $4,087.79 per ounce, while US gold futures gained 0.5 percent to $4,089.90 per ounce. The US dollar index slipped 0.3 percent, making dollar-priced metals more affordable for buyers using other currencies.
Markets also reacted to signs of easing tensions between the United States and Iran after Tehran indicated it would suspend attacks provided Washington did the same. President Donald Trump's administration paused its bombing campaign after advisers reportedly warned about dwindling military targets and concerns over US weapons stockpiles.
The prospect of reduced conflict also eased fears of disruption around the Strait of Hormuz, one of the world's most important energy shipping routes. Oil prices fell by more than 4 percent, reducing inflation concerns that had previously been fuelled by higher crude prices. Investors are now focused on the Federal Reserve, with markets widely expecting interest rates to remain unchanged this week, although futures markets continue to price in a strong possibility of a September rate increase.
Other precious metals
Other precious metals also recorded gains in global trading. Spot silver climbed 1.7 percent to $59.16 per ounce, extending its recent upward momentum. Platinum rose 1.5 percent to $1,612.04 per ounce, while palladium added 1.6 percent to $1,263.73 per ounce as investors continued to monitor broader market sentiment, currency movements and geopolitical developments alongside expectations for US monetary policy.