Softer global bullion rates bring slight relief for UAE jewellery buyers and touristsLast updated: May 15, 2026 | 09:163 MIN READThe latest drop could encourage fresh jewellery purchases, especially among residents planning weddings, summer travel shopping or investment buying.Gulf News ArchivesThe sharp correction comes as international gold prices slid 1.42 per cent to $4,610.62 per ounce, extending losses for a fourth straight session. Analysts say bullion markets are under pressure from surging oil prices, inflation fears and a stronger US dollar, all of which are reducing investor appetite for gold.For UAE consumers, the latest drop could encourage fresh jewellery purchases, especially among residents planning weddings, summer travel shopping or investment buying. Dubai’s gold retail market tends to react quickly to international price swings because local prices are directly linked to global bullion movements and currency trends.Get updated faster and for FREE: Download the Gulf News app now - simply click here.Regional prices Across the Gulf, Saudi gold prices were largely unchanged despite the global sell-off. Saudi Arabia’s 24K gold held steady at SAR584 per gram, while 22K remained at SAR533.India also recorded lower gold prices on Friday morning. India’s 24K gold rate fell to ₹160,090 per 10 grams from ₹162,330 a day earlier, while 22K dropped to ₹146,750 from ₹148,800.The decline in Indian prices reflects the broader international trend, although analysts say retail demand in the country remains relatively resilient despite recent volatility.Regional trends Globally, gold prices continued to weaken as traders assessed rising inflation risks linked to higher energy prices and awaited developments from the US-China summit.Spot gold fell 0.6 per cent to $4,619.61 an ounce in early trading, hitting its lowest level since May 6. Bullion has now lost around 2 per cent this week, while US gold futures for June delivery dropped 1.3 per cent to $4,624.Market analysts say the stronger US dollar has become a major headwind for bullion. The greenback has gained more than 1 per cent this week, making gold more expensive for buyers using other currencies.Higher oil prices are also fuelling inflation concerns globally. Brent crude has surged more than 5 per cent this week and remains above $106 per barrel as the Iran conflict continues to disrupt shipping through the Strait of Hormuz.Rising inflation expectations have pushed US Treasury yields close to one-year highs, increasing the opportunity cost of holding non-yielding assets such as gold.Analysts say markets are increasingly sceptical about near-term US rate cuts after a series of inflation reports pointed to broader price pressures across the economy.Geopolitical tensions remain firmly in focus. US President Donald Trump said his patience with Iran was “running out” following talks with Chinese President Xi Jinping, adding another layer of uncertainty to global markets.Investment banks are also turning more cautious on bullion. ANZ lowered its year-end gold target by $200 to $5,600, citing persistent inflation, higher bond yields and continued dollar strength.Other precious metals also declined on Friday. Spot silver fell 2.5 per cent to $81.41 an ounce, platinum dropped 1.7 per cent to $2,020.61, while palladium eased 0.8 per cent to $1,425.50.With inputs from Reuters Related Topics:Get Updates on Topics You ChooseUp Next