Dubai gold falls by Dh3.50 as global prices slip below $4,600
Silver retreats as precious metals face renewed pressure
DUBAI – Dubai gold rates edged lower on Friday, with all three key retail categories recording declines compared with Thursday.
The move came as international gold prices slipped from a more than three-month high, while investors turned their attention to the latest signals on US interest rates.
Developments surrounding Iran, the Strait of Hormuz, oil prices and the US dollar also remained important factors for precious metals markets.
Dubai gold rates
According to Dubai Jewellery Group’s suggested retail gold jewellery prices, 24K gold was listed at Dh554.50 per gram on Friday, down from Dh558.00 on Thursday. The rate fell by Dh3.50 per gram, marking a decline of about 0.63 percent.
The price of 22K gold stood at Dh513.50 per gram, compared with Dh516.75 on Thursday, representing a Dh3.25 decrease. Meanwhile, 18K gold was priced at Dh422.00 per gram, down from Dh424.50 a day earlier.
The latest movement puts all three major Dubai retail gold categories below their Thursday levels, extending the softer tone seen in international markets.
Global gold
Spot gold fell 0.5 percent to $4,576.30 per ounce by 0157 GMT on Friday after touching a more than three-month high earlier in the week. US gold futures also eased, declining 0.8 percent to $4,629.00.
Investors were awaiting remarks from US Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium, with markets focused on the outlook for interest rates. Recent US inflation data showed the Personal Consumption Expenditures price index rising 3.7 percent in the 12 months through July, keeping attention firmly on the Federal Reserve’s policy path.
Gold has also retained support from stronger participation in exchange-traded funds and futures, official-sector buying and concerns over US fiscal conditions, although higher interest rates can weigh on the non-yielding metal.
Iran and oil
Geopolitical developments remain closely linked to the precious metals market. Diplomatic efforts to reopen the Strait of Hormuz, a crucial route for global energy shipments, intensified on Friday as Iran worked on conditions for restoring more normal maritime traffic. Shipping through the waterway remains well below normal levels.
Oil prices, meanwhile, were heading for a weekly decline despite continued uncertainty over US-Iran relations. Brent crude was down 0.3 percent at $89.45 a barrel, while West Texas Intermediate fell 0.3 percent to $83.31, with the benchmarks on track for weekly losses of 5.3 percent and 4.3 percent respectively.
The US dollar was little changed to slightly firmer as markets waited for greater clarity on US monetary policy, adding another layer of pressure to gold prices.
Other precious metals
Silver also weakened, with spot silver falling 1 percent to $68.54 per ounce. Palladium declined 0.8 percent to $1,339.84, while platinum slipped 0.6 percent to $1,834.83 and remained on track for a weekly loss.