Dubai gold rates fall over Dh15 as global bullion rebounds from lows
Silver and platinum see sharp price reversals
DUBAI – Dubai gold prices declined sharply on Tuesday, with retail jewellery rates easing further after Monday’s sell-off.
According to the Dubai Jewellery Group, 24K gold was priced at Dh525.75 per gram, down from Dh540.25 on Monday. The drop reflects a notable two-day correction in local prices, tracking global market volatility during thin year-end trading.
Other carats also registered losses. 22K gold fell to Dh486.75 per gram from Dh500.25, while 21K slipped to Dh466.75 compared to Dh479.75 a day earlier. 18K gold declined to Dh400.00 from Dh411.25, and 14K eased to Dh312.00, down from Dh320.75 per gram. The movement has kept Dubai gold buyers cautious as prices adjust after recent record highs.
Global gold markets
In international markets, gold rebounded on Tuesday after hitting a two-week low in the previous session. Spot gold rose 0.7% to $4,361.71 per ounce by early trading, recovering from its sharpest daily percentage loss since October. The metal had touched a record high of $4,549.71 on Friday before falling back amid profit-taking and reduced liquidity during the holiday period.
US gold futures for February delivery were trading 0.8% higher at $4,377.20 per ounce. Despite the recent pullback, bullion has gained around 66% so far in 2025, supported by expectations of US interest rate cuts, central bank buying, ETF inflows and ongoing geopolitical tensions. Non-yielding assets such as gold typically benefit from lower interest rate environments.
Other precious metals
Silver prices rebounded strongly, rising 3.1% to $74.49 per ounce, after recording their biggest daily loss since August 2020. The metal had hit an all-time high of $83.62 on Monday and is up 158% year to date, driven by supply constraints and growing industrial demand.
Platinum climbed 1.8% to $2,146.81 per ounce, following its steepest-ever single-day fall a session earlier, while palladium slipped 0.7% to $1,605.72 per ounce after a sharp decline on Monday.