Dubai Gold Rates Decline After Three Days of Gains

Dubai's gold rates took a sharp decline on Friday after three consecutive days of gains. The benchmark jewellery rates recorded a drop, according to the Dubai Jewellery Group's suggested retail gold jewellery prices.

The 24K gold rate fell to Dh522 per gram, down from Thursday's Dh531.25. This represents a decline of Dh9.25. In contrast, the 22K and 18K rates also decreased to Dh483.50 and Dh397.25, respectively.

Internationally, spot gold was up 0.3% at $4,326.88 per ounce by 0020 GMT on Friday but remained more than 2% lower for the week. US gold futures for December delivery were down 0.9% at $4,367.70.

The decline in Dubai's gold rates follows a rise in global pressure. Markets are awaiting US consumer inflation data, which is expected to influence Federal Reserve interest rates and bullion demand. Geopolitical developments, including the Iran war, also remain in focus.