Dubai gold dips again as global pressures cool recent rally

Gold prices in Dubai eased on Thursday morning, giving shoppers a small breather after several sessions of elevated prices earlier this month.

The 24-karat rate stood at Dh619.75 per gram at around 9.30 am on Thursday, down from Dh623.75 recorded a day earlier. The 22-karat price dropped to Dh574, down from Dh577.50 on Wednesday

The decline reflects broader global moves in bullion markets after recent US economic data shifted expectations for interest rates and strengthened the dollar.

Recent price swings

Gold prices in Dubai have moved sharply through February and early March, showing how quickly global events are feeding into local jewellery rates.

Mid-February levels were closer to Dh600 per gram for 24-karat gold, with prices around Dh596 on February 12 before gradually climbing above Dh600 in the following days. The rally gathered pace toward the end of the month when prices moved past Dh620, and by February 28, the 24-karat rate had climbed to around Dh636.

The start of March saw an even sharper surge, with prices briefly jumping above Dh640 on March 2, marking one of the highest levels seen this year. Gains proved short-lived. Rates pulled back in the following sessions, falling toward the Dh615 range by March 9 before rebounding again above Dh620 earlier this week.

GN