Dubai gold rates slip Dh14.75 in three days as global cues shift
Silver climbs amid geopolitical risks and steady dollar
DUBAI – Gold remains a cornerstone of retail trade in Dubai, with daily price movements closely tracked by residents and investors alike.
The emirate’s pricing benchmark, set by the Dubai Jewellery Group, reflects global market trends while maintaining transparency for buyers.
Fluctuations in international bullion prices, currency strength and geopolitical developments continue to shape the local gold landscape.
Dubai gold rates
On Wednesday, retail gold rates recorded a noticeable decline compared to earlier in the week, extending a downward trend seen since Monday.
According to the latest data, 24K gold is priced at Dh554.75 per gram, down from Dh562.50 on Tuesday and Dh569.50 on Monday. This marks a cumulative drop of Dh14.75 over three days.
Similarly, 22K gold stands at Dh513.75, easing from Dh520.75 on Tuesday and Dh527.25 on Monday. The 21K variant is at Dh492.50, compared to Dh499.25 and Dh505.50 in the previous two sessions. Meanwhile, 18K gold is priced at Dh422.25, down from Dh428.00 and Dh433.25, and 14K has slipped to Dh329.25 from Dh333.75 and Dh338.00 earlier in the week.
The consistent softening reflects broader global pressures, with local rates mirroring the international bullion market’s cautious tone.
Global trends
Internationally, spot gold edged up slightly by 0.2 percent to $4,602.82 per ounce, recovering after hitting its lowest level since early April in the previous session. US gold futures also rose marginally to $4,616.40.
Markets remain focused on signals from the US Federal Reserve, with expectations that interest rates will be held steady. Higher rates tend to weigh on gold, as the metal does not yield interest.
Geopolitical tensions continue to influence sentiment. Developments surrounding the Iran conflict, including stalled peace efforts and dissatisfaction from US leadership, have added uncertainty. Concerns around the Strait of Hormuz and ongoing disruptions have also kept oil prices elevated, with Brent crude holding above $110 a barrel. Rising oil prices contribute to inflationary pressures, complicating the outlook for gold.
The US dollar’s relative strength has further capped gains, making gold more expensive for holders of other currencies.
Other precious metals
Silver moved in the opposite direction, gaining 1 percent to $73.82 per ounce, reflecting renewed investor interest. Platinum declined by 0.3 percent to $1,933.75, while palladium slipped 0.2 percent to $1,457.39.