Picture for illustrative purposes only. ARCHIVE

Gold prices in Dubai slipped on Monday (April 13), reflecting a broader global decline as economic uncertainty and geopolitical tensions weighed on the market. According to the Dubai Jewellery Group, gold rates opened lower across all categories: • 24K: Dh560 • 22K: Dh526.75 • 21K: Dh505 • 18K: Dh433 • 14K: Dh337.75 Globally, gold prices dropped to near a one-week low, pressured by a stronger US dollar and rising oil prices. Spot gold fell by 0.7 percent to around $4,716.70 per ounce, while US gold futures declined by 1 percent. Analysts said the stronger dollar made gold more expensive for international buyers, reducing demand. At the same time, oil prices surged above $100 per barrel following tensions linked to stalled negotiations between the United States and Iran, raising concerns about inflation. Market analyst Kyle Rodda Waterer said rising oil prices are shifting expectations on interest rates. “As soon as oil prices push back above $100, attention quickly turns to potential central bank rate hikes to curb inflation, and it is this interest rate outlook that is undermining gold's performance,” he said. Higher interest rates typically reduce the appeal of gold, as it does not offer yields compared to other investments. Gold has also fallen more than 11 percent since geopolitical tensions in the Middle East escalated earlier this year. Other precious metals showed mixed performance, with silver declining while palladium posted gains. ICA/Expat Media
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