Dubai gold prices stay under Dh500 per gram ahead of Diwali

Gold prices slip below Dh500 per gram

On Thursday morning, 15 October 2026 at 9:24 AM, gold prices in Dubai edged higher after a sharp drop the previous evening, yet the 24-karat rate remained beneath the Dh500-per-gram mark. According to the Dubai Jewellery Group, the metal opened at Dh499.75 per gram, up from Dh492.75 at the close of Wednesday’s session.

Market details and variant rates

At the same time, 22-karat gold was quoted at Dh462.75 per gram, 21-karat at Dh443.50 and 18-karat at Dh380.25. Globally, spot gold rose 1.4 percent to $4,144 an ounce while silver gained 0.4 percent to $205.70 an ounce. The earlier decline of more than one percent on Wednesday was driven by a stronger-than-expected inflation reading that lifted expectations of a US Federal Reserve rate hike later this month.

Cultural context and analyst view

The dip in prices has been welcomed across the UAE, where the Indian community – the country’s largest expatriate group – is preparing for the festive season. With Dhanteras and Diwali approaching, purchasing gold is considered auspicious and families traditionally buy coins, bars and jewellery for good fortune. Lower rates help stretch household budgets, allowing shoppers to acquire more gold or opt for heavier pieces. Simon-Peter Massabni, head of business development at XS.com, noted that gold is navigating a challenging landscape shaped by monetary-policy pressures, geopolitical risks and shifting inflation expectations. He added: “Gold’s current price action cannot be explained simply by its recent decline or its proximity to specific support levels. Instead, it must be assessed within a broader macroeconomic framework in which the strength of the US dollar, interest rate expectations and demand for safe-haven assets are competing to determine the metal’s next move.”