Gold prices drop in Dubai; 18K slips below Dh400 per gram

21/09/2026 09:55 AST

Gold prices eased in Dubai at the start of the week amid expectations of further US interest rate hikes and inflation fears.

According to Dubai Jewellery Group data, 24K gold was trading at Dh525.0 per gram on Monday morning, down from Dh527.5 per gram at the close of markets over the weekend. Similarly, 22K, 21K and 18K gold slipped to Dh486.0, Dh466.0 and Dh399.5 per gram, respectively.

Spot gold was down 0.45 per cent at $4,357 per ounce. Silver was steady at $66.16 an ounce.

Gold advanced by roughly 1 per cent on Friday, while holding near $4,380 per ounce.

The US Federal Reserve hiked interest rates last week, and hinted at further hikes in the coming months.

"The metal recovered as immediate fears of Middle East energy supply disruptions subsided after Saudi Arabia rerouted crude oil exports. That relief enabled gold to withstand headwinds from the Federal Reserve after the central bank raised interest rates for the first time in three years. Energy market anxiety spiked after attacks targeted a pumping station along the East-West pipeline and an export terminal at the port of Yanbu. The incident threatened to remove nearly 4 per cent of global crude supply," said Simon-Peter Massabni, head of business development at XS.com.

Newswires reported that Saudi Arabia successfully rerouted crude sales by shipping roughly 60 million barrels through Ras Tanura and the Omani port of Sohar, outside the Strait of Hormuz. That shift restored export flows to August levels or higher and helped push crude prices down from recent peaks.

Oil prices slipped on Monday morning but were still trading close to $100 a barrel.

"The retreat in energy prices provides critical relief to broader inflationary pressures. Lower crude prices help cap bond yields and ease the severe liquidity squeeze that previously constrained global capital. As sovereign yields ease, financial capital, particularly from Asian and Middle Eastern investors, is finding fresh leeway to rotate back into gold assets," he added.

Khaleej Times