Dubai gold prices opened lower on Monday, September 28, after a sharp decline in global bullion markets over the weekend. The 24K rate fell to AED 505.50 per gram from the previous close of AED 516.50. The move represents an overnight decline of AED 11 per gram. The 22K rate stood at AED 468 per gram.
The 14K rate fell to AED 300 per gram. The level puts the lower-purity category close to the AED 300 mark highlighted in the latest Dubai market update. Global bullion prices also recorded a significant decline. Spot gold was down 1.88% at USD 4,197.54 an ounce at 8:30 a.m. in Dubai. Silver fell 3.41% to USD 61.98 an ounce. Platinum and palladium each declined by more than 2%.
Gold’s latest decline came as crude prices moved higher and markets assessed the outlook for US interest rates. Bullion fell 1.8% and moved below the USD 4,200 level. The decline followed a drop of more than 2% last week. Crude prices rose after Tehran said it would not change its conditions for reopening the Strait of Hormuz. US President Donald Trump had rejected Iran’s seven-day offer a day earlier.
Trump also told Axios that he expected negotiations to resume this week. Brent crude gained more than 70% in 2026, according to the report. Federal Reserve officials backed a quarter-point rate increase earlier this month. Several officials have since indicated that another increase could be needed. Markets are currently pricing in about a 65% chance of another rate hike in October. Gold had traded within a USD 4,230 to USD 4,510 range during September. The metal is still below its January record of nearly USD 5,600 an ounce.
Also Read: Dubai Gold Rate Today: 24K Holds at AED 517 as Fed Policy, Oil Prices Shape Market