24K Gold Drops to Dh536.75 Across UAE Retail Counters After Global Slump
Local gold rates across the UAE adjusted downward on Saturday following a sharp retreat in international bullion markets. Buyers looking at retail price boards saw 24-carat gold slide to Dh536.75 per gram as global rates fell heading into the weekend.
Per-Gram Rates Slide Across 24K, 22K, 21K, and 18K Categories
The price reduction filtered through every standard purity tier in local shops. While 24-carat settled at Dh536.75 per gram, 22-carat gold dropped to Dh497 per gram. For shoppers checking 21-carat pieces, rates moved to Dh476.75 per gram, with 18-carat gold standing at Dh408.50 per gram.
The local drop followed a 3 per cent decline in global bullion prices during Friday trading. Selling pressure built after comments from US Federal Reserve Chairman Kevin Warsh pointed toward persistent inflation pressures. Market expectations for a September US interest rate hike rose to around 58 per cent after the remarks, lifting both the US dollar and Treasury yields. Higher interest rates typically weigh on non-yielding bullion, while a stronger dollar increases buying costs for international holders.
Retail rates across the Emirates remain tied directly to ongoing global market shifts as international traders track central bank signals.
