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Gold prices in Dubai drop Dh3.5 per gram as oil crosses $100 per barrel
On Wednesday, the Central Bank of the UAE (CBUAE) decided to maintain base rate at 3.65 per cent
- PUBLISHED: Thu 19 Mar 2026, 10:07 AM
Gold prices in Dubai dropped Dh3.5 per gram on Thursday, one day after the UAE’s Central Bank's decision to maintain its base rate at 3.65 per cent.
The 24K gold price was trading at Dh584.5 per gram on Thursday morning, down from Dh588 per gram when the markets closed a day earlier, according to data by the Dubai Jewellery Group.
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22K, 21K, 18K, and 14K also traded slightly lower at Dh541, Dh519, Dh444.75, and Dh347 per gram, respectively.
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In global markets, spot gold was trading at Dh17,771 per ounce, while silver fell more sharply, at Dh275.24, due to its higher sensitivity to economic growth and industrial demand, Ole Hansen, the head of Commodity Strategy at Saxo Bank, said.
“Rising energy costs have lifted inflation expectations and pushed markets toward a higher-for-longer rate outlook, supporting real yields and reducing the likelihood of near-term rate cuts,” he explained. “At the same time, the US dollar has strengthened on safe haven flows and energy dynamics, which have offset gold’s geopolitical bid.”
On Wednesday, the Central Bank of the UAE (CBUAE) decided to maintain base rate at 3.65 per cent, a decision that followed the US Federal Reserve’s announcement to keep interest rates unchanged.
Oil prices hit a record high on Wednesday at $112 (Dh411) per barrel as the Iran-Israel-US war raged on. This latest spike in oil prices comes after Iran targeted many of the Gulf’s gas facilities and continues to threaten attacking more after Israel struck Iran’s South Pars field, the world’s largest natural gas field.
Hansen, from Saxo Bank, explained that a technical break below the 50-day moving average near $4,978 (Dh18,281) and below $5,000 (Dh18,362) triggered momentum selling and profit-taking from a crowded long, further pressuring prices.
Hind Aldah is a business reporter based in Sharjah. In her spare time, you will find her playing classical guitar, painting amateur oil paintings, or crocheting the same old scarf that leads nowhere.