Dubai gold drops Dh36 in 24K as global prices slide
Silver retreats after record run as precious metals remain volatile
DUBAI – Dubai gold rates opened lower on Friday, with the Dubai Jewellery Group listing 24K at Dh628.25 per gram, marking a sharp drop from Dh664.50 on Thursday.
Prices also softened compared to Wednesday’s Dh632.00, while still holding above Tuesday’s Dh610.50 and nearly unchanged from Monday’s Dh610.75 levels. The pullback follows a volatile week in global bullion markets despite gold’s strong monthly performance.
Other retail rates in Dubai stood at 22K Dh581.75, 21K Dh557.75, 18K Dh478.25, and 14K Dh373.00 per gram.
The week shows pronounced swings, with Thursday’s spike now reversing. The Dh36.25 drop in 24K within 24 hours reflects global pressure rather than local demand shifts. Despite the decline, January levels remain elevated compared with earlier weeks.
Global gold rates
Internationally, spot gold slid to $5,232.57 per ounce, retreating after touching a record $5,594.82 on Thursday. US gold futures for February delivery eased to $5,225.0. Markets reacted to expectations of a more hawkish Federal Reserve leadership outlook, alongside a rebound in the US dollar. A stronger dollar reduced overseas buying appeal for gold, even as investors maintained safe-haven positioning amid geopolitical and economic uncertainty.
January gains still exceed 20%, marking one of the strongest monthly advances in decades.
Other precious metals
Spot silver fell to $111.99 per ounce after setting a record $121.64 a day earlier. Despite the pullback, the metal remains up about 56% this month. Platinum slipped to $2,531.84, while palladium eased to $1,925.50, as the broader precious metals complex tracked gold’s correction.