The UAE gold price today moved lower in Dubai and across the UAE on Friday morning. The 24K rate fell to Dh522 per gram, while 22K gold dropped to Dh483.5 per gram as the US dollar strengthened.
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Gold Prices Fall In Dubai
According to Dubai Jewellery Group data, gold prices dipped when the market opened on Friday. The 24K price stood at Dh522 per gram. The 22K rate was Dh483.5 per gram.
Other gold variants also recorded lower prices. The 21K rate fell to Dh463.5 per gram. The 18K price dropped to Dh397.25, while 14K gold was priced at Dh310 per gram.
The 24K gold price has now dropped by nearly Dh38 per gram since August 25. This shows a clear correction in the local gold market after prices remained at high levels.
Stronger Dollar Pressures Gold
Spot gold was trading at $4,331 an ounce on Friday morning. It was down 0.8 per cent. Silver also declined, falling 1.1 per cent to $63.6 an ounce.
Simon-Peter Massabni, head of business development at xs.com, said gold faced strong pressure during Thursday’s session. A stronger US dollar, higher Treasury yields and expectations of restrictive Federal Reserve policy affected prices.
Higher US Treasury yields can make gold less attractive because the precious metal does not generate interest. The dollar also recovered against major currencies after recently trading near two-week lows.
Oil Prices Add More Pressure
Oil prices have also added to the pressure on gold. Brent crude moved above $100 per barrel and traded above $105 during the session. WTI also moved above $100.
Geopolitical tensions and risks to energy supplies in the Middle East continue to support oil prices. However, higher energy costs are also raising concerns about renewed inflation.
Massabni said persistent oil prices above $100 could encourage major central banks to keep interest rates higher for longer. This may outweigh safe-haven demand for gold in the short term.
What Could Happen Next?
The UAE gold price today reflects pressure from several global factors. The stronger dollar, higher yields and rising oil prices are influencing the market.
For buyers in Dubai, the latest 22K rate is Dh483.5 per gram. Market movements will continue to depend on global economic conditions, interest-rate expectations and geopolitical developments.
