Dubai Gold Prices Stay Below Dh500 Ahead of Diwali Shopping
Gold prices in Dubai remained below Dh500 per gram on Wednesday, October 21, 2026, as shoppers prepared for the upcoming Diwali festival.
According to the reported market rates, 24K gold opened at Dh496 per gram, down from Dh497.25 on the previous day. Other gold varieties were also trading at different price levels.
The reported prices were:
24K gold: Dh496 per gram
22K gold: Dh459.25 per gram
21K gold: Dh440.25 per gram
18K gold: Dh377.50 per gram
14K gold: Dh294.25 per gram
Prices below Dh500 for 24K gold could encourage some customers to purchase jewellery ahead of Diwali, a major gold-buying occasion for many Indian families. Buyers may consider necklaces, bangles, earrings and other ornaments while planning their festive budgets.
Market conditions are also influencing gold prices. According to Vijay Valecha, chief investment officer at Century Financial, elevated oil prices, inflation concerns, higher US Treasury yields and a stronger US dollar have put pressure on the precious metal.
At the time cited in the report, international spot gold was trading at around $4,120 per ounce, down 0.10 per cent. Silver was trading at $57.40 per ounce, down 0.74 per cent.
Despite recent fluctuations, gold has remained above the $4,100 level during October, supported in part by investment demand. Market analysts noted that prices were moving within a range, with a clearer direction dependent on a breakout from that range.
Shoppers should remember that retail jewellery prices may differ from the quoted market rates because of making charges, taxes and other applicable costs. Gold prices can also change throughout the day.
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