Dubai gold slips below Dh500 as 24K loses Dh30.5 in a month

Dubai gold prices dip below Dh500

Published on Tuesday 20 October 2026 at 09:31, gold prices in Dubai have dropped ahead of the Diwali festival season, giving shoppers a chance to buy jewellery at lower rates and benefit from seasonal discounts.

Global precious metals performance

On Tuesday morning the price fell below Dh500, with the metal losing Dh30.5 over the past month.

The 24K grade traded at Dh497 per gram, down from Dh500.50 at Monday’s close; 22K was at Dh460.25, 21K at Dh441.25, 18K at Dh378.25 and 14K at Dh295 per gram.

Globally, spot gold rose 0.07% to $4,143.48 per ounce, while silver increased 0.52% to $57.44 per ounce.

Market reaction and analyst commentary

Gold’s weekly return showed a 0.70% decline on Monday, whereas silver fell 6.33%; Vijay Valecha, financial analyst and chief investment officer at Century Financial, provided the figures.

Following comments by US Federal Reserve Chairman Kevin Warsh at the IMF annual meeting in Bangkok, gold moved back above $4,180 as traders scaled back expectations of rate hikes.

Valecha quoted: “(Kevin) Warsh didn’t say a word about the outcome of the FOMC meeting this month and as a result, the probability of a hike in October has now dropped to 12.7 per cent from 21 per cent a week ago,” he said.

He added that the outcome was negative for US Treasuries across the curve, contributing to recent dollar weakness and lending support to non‑yielding bullion; oil prices also retreated from their monthly highs after US President Trump waived sanctions and tariffs on Russian energy to keep Moscow engaged in the Ukraine talks.

Valecha concluded: “That has eased inflation fears and expectations of Fed tightening. Gold also picked up safe‑haven demand as concerns over AI investments drove a selloff in equities and a fall in bond yields,” he said.