Dubai gold prices drop sharply as 24K falls to Dh505.50

Dubai gold prices fell sharply at Monday's open, Gulf News reported. The 24-karat gram traded at Dh505.50, down Dh11 from Dh516.50. The drop followed a weekend slide driven by the Strait of Hormuz standoff and Fed rate hike fears.

How much is gold in Dubai today?

Gold in Dubai opened Monday with 24K at Dh505.50 per gram, down Dh11 overnight. The 22K gram traded at Dh468. The 14K gram dropped to Dh300.

The yellow metal slid over the weekend as the standoff kept energy prices high. It also added pressure on the Federal Reserve to raise interest rates again to fight stubborn inflation.

How did global gold and other metals move?

Spot gold fell 1.88 percent to $4,197.54 an ounce at 8:30 a.m. in Dubai. It extends a slide that saw it lose more than 2 percent last week.

Silver dropped 3.41 percent to $61.98, adding to last week's 3 percent decline. Platinum and palladium both fell more than 2 percent. The Bloomberg Dollar Spot Index rose 0.1 percent after climbing 2 percent so far this month.

Why are oil and Fed rates pressuring gold?

Crude rose after Tehran said it would not back down from its conditions for reopening the strait. This came a day after Trump turned down its seven-day offer. Trump told Axios he expects negotiations to resume this week.

The US-Iran conflict is heading into its eighth month. Brent is up more than 70 percent in 2026.

Fed officials unanimously backed a quarter-point rate increase earlier this month. Several have since signaled that more hikes could be needed. Markets are pricing in roughly a 65 percent chance of another increase in October.

What do analysts say about gold?

Justin Lin, an analyst at Global X ETFs, told Bloomberg that gold remains closely tied to oil prices and hopes for a Middle East resolution. He said much of the natural buyer base is likely to stay on the sidelines until the Iran war's end is clearer. Sellers, he said, are taking cues from rising real yields.

Where is gold trading compared with its record high?

Gold has stayed in a range of $4,230 to $4,510 in September as traders reassess Fed policy. That is far below January's all-time high of nearly $5,600.

Dealmaking has not slowed. Gold Fields Ltd. of South Africa approached Northern Star Resources Ltd., Australia's biggest gold producer. The offer was rebuffed on Monday.