Dubai gold dips below Dh480 mark as global prices rebound
Silver, platinum also respond to dollar and rate cues
DUBAI – Retail gold jewellery prices in Dubai have fallen sharply today (Tuesday), reflecting both local and global pressures.
According to data from the Dubai Jewellery Group, 24-carat gold is now priced at Dh 479.00 per gram, down from Dh 490.25 per gram on Monday.
Similarly, 22K, 21K and 18K variants also slid, signalling a broad pull-back in the market. Meanwhile, global gold prices remain volatile amid shifting trade, interest-rate and currency dynamics.
Global gold market
On the global stage, spot gold recovered somewhat on Tuesday, climbing back above the US $4,000 per ounce mark to reach about US $4,009.39/oz. On Monday the price had fallen more than three per cent, dipping near US $3,970.81 – the lowest since 10 October.
The bounce came as the US dollar eased and expectations of a rate cut by the Federal Reserve grew, though optimism around a trade deal between the Donald Trump administration and Xi Jinping dampened safe-haven demand.
Other precious metals
Other precious metals are also reacting: silver slipped around 0.3 per cent to US $46.74/oz, platinum eased about 1.2 percent to US $1,571.85/oz and palladium dropped roughly 0.8 percent to US $1,391.15/oz.
Trade tensions remain in focus, with tariffs and discussions between the US and China influencing flows into and out of gold and related assets. Central-bank behaviour, rate-cut expectations and currency moves continue to play major roles in the global pricing mechanism for precious metals.