Dubai gold drops up to Dh75 as 24K hits Dh589.50
Silver trade heats up while bullion markets swing globally
DUBAI – Dubai gold prices retreated sharply on Saturday, reversing part of this week’s rally and marking one of the steepest daily declines in recent sessions.
The latest suggested retail rates from Dubai Jewellery Group show clear downward movement across all major purities. The shift follows volatile global bullion trade, currency strength and profit-booking in international markets.
Dubai gold prices
On Saturday, January 31, 24K gold is priced at Dh589.50 per gram, down from Dh628.25 on Friday. The drop extends across categories, with 22K at Dh545.75, 21K at Dh523.25, 18K at Dh448.50 and 14K at Dh349.75.
Friday’s rates had already eased from Thursday’s peak levels. On January 30, 24K stood at Dh628.25, compared with Dh664.50 on Thursday, Dh632.00 on Wednesday, Dh610.50 on Tuesday and Dh610.75 on Monday. The five-day pattern shows a midweek surge followed by a sharp correction heading into the weekend.
Global gold moves
International bullion markets also turned volatile. Gold and silver prices fell after recent record highs, as investors locked in gains and expectations of aggressive US interest rate cuts softened. The dollar firmed, making dollar-priced metals costlier for other currency holders and weighing on demand. Gold traded near $5,143.40 per ounce, while silver slipped towards $103.40, after both metals recorded strong gains earlier in January. Industrial metals such as copper also pulled back amid expectations of thinner trading ahead of China’s Lunar New Year holiday.
Silver rush
Physical silver availability in Dubai has tightened, with traders reporting depleted stocks. Demand in the UAE market has risen sharply, pushing some buyers to pay premiums of up to Dh2,000 per kilogram above prevailing levels. Market trade placed silver around Dh16,600 per kg, but physical bars have been moving quickly whenever supply appears, reflecting strong investor interest alongside global price swings.