Dubai gold prices eased on Tuesday morning, giving UAE shoppers and tourists a small breather after recent highs, as weaker international bullion prices filtered into the local market.
The market opened with Dubai 24K gold falling to Dh567.50 per gram from Monday evening’s Dh570.75, while 22K dropped to Dh525.50 from Dh528.50.
The decline comes as global gold prices softened ahead of key US inflation data later in the day, with investors closely watching signals on future US interest rate cuts and ongoing geopolitical tensions in the Middle East.
For many UAE residents, especially those planning jewellery purchases, weddings, or summer travel shopping, the latest dip may offer a short-term buying opportunity. Dubai’s gold market typically reacts quickly to international movements, as local retail prices are closely linked to global bullion rates and currency fluctuations.
Global market trends
International gold prices fell 0.31% to $4,703.34 an ounce in early trading after touching a three-week high earlier in the session.
Spot gold later slipped 0.6% to $4,705.99 an ounce, while US gold futures declined 0.3% to $4,714.50.
Regional trends
Across the region, Saudi Arabia’s gold prices remained unchanged compared to the previous close. 24K gold held at SAR 587 per gram, while 22K stayed at SAR 536.
India, however, recorded higher domestic gold prices despite the global decline. 24K gold rose to ₹153,980 per 10 grams from ₹153,440, while 22K increased to ₹141,150 from ₹140,650.
Analysts say the mixed trend reflects strong local demand in India, currency fluctuations, and concerns over possible government measures to curb gold imports as energy prices remain elevated.
India’s largest jeweller, Titan Co. Ltd., noted that any government move to restrict gold purchases could temporarily slow demand, although long-term appetite for gold is expected to remain strong. (Gulf Times)