Dubai gold prices edged lower on August 18, as the precious metal faced pressure from rising oil prices and higher US Treasury yields. The move came after gold posted gains in the previous two sessions.
According to the latest Dubai gold-rate data, the 24K rate stood at Dh529.25 per gram in the afternoon, down from Dh530.75 on the previous day. The 22K rate was Dh490 per gram, compared with Dh491.50 previously. Also, the 21K gold was priced at Dh469.75 and 18K gold stood at Dh402.75 per gram.
The marginal decline highlights weak performance in the international bullion market despite elevated prices. Retail rates can also vary slightly across Dubai jewellery stores depending on making charges and other costs.
Global spot gold price was quoted at $4,392 per ounce. Silver, on the other hand, was priced at approximately $65.14 per ounce.
According to Reuters, spot gold prices fell marginally by about 0.5% to $4,391.77 per ounce. The fall comes after two consecutive days of rising prices as profit-taking occurred.
The Dubai gold market is expected to remain volatile in reaction to international price fluctuations in the short run. The recent pullback comes as profit-taking rather than a fundamental reversal of gold's broader trend.
A softer interest-rate outlook generally supports gold because lower yields reduce the opportunity cost of holding the metal. However, stronger yields can limit gains. For consumers, the modest decline could provide some relief, but gold prices remain high. Buyers need to keep an eye on both the daily benchmark and the making rates.
Also Read: Dubai Gold Prices Rise as Investors Eye Fed Rate Outlook