Gold prices in Dubai today: Check latest prices of the yellow metal

Gold prices in Dubai have declined today after reaching a one-week high a day before, after strong U.S. economic data spurred the dollar and bond yields in a high interest rate environment.

According to data available on Dubai Jewellery Group (DJG), the price of 24K gold per gram today is AED 236.00 while that of 22K gold is AED 218.50. 21K gold's price per gram today is AED 211.50, while 18K gold's price is AED 181.25.

The Dubai Jewellery Group (DJG) is a trade group of over 600 members representing all sectors of the jewellery trade in the UAE.


In the global markets, the non-interest-bearing metal is moving towards its biggest weekly decline in five.

Spot gold was up 0.3% at $1,951.19 per ounce by 0249 GMT, after earlier hitting its lowest level since July 12 and ending 1.4% lower in the previous session. Bullion has declined 0.4% so far in the week, heading for its biggest weekly fall since June 23.

"Bullion has declined 0.4% so far in the week, heading for its biggest weekly fall since June 23," reported Reuters.

The higher drift in gold prices lacks conviction as there is still indecision at play in the lead-up to the upcoming Bank of Japan meeting as chatters that it will discuss tweaking its yield curve control policy has kept market participants on their toes, said Yeap Jun Rong, a market strategist at IG.

"Any confirmation of an adjustment at the upcoming meeting will bring about upside risks to global bond yields and weigh on the non-yielding yellow metal further."

Higher U.S. interest rates and Treasury bond yields raise the opportunity cost of holding gold.

Analysts slightly lowered their gold price forecasts for this year, a Reuters poll showed. Global economic concerns also drove down platinum and palladium forecasts for 2024.

Spot silver edged 0.1% higher to $24.16, platinum held at $937.07, and palladium steadied at $1,241.16, all set to post weekly losses.