Gold prices in Dubai have slipped below Dh500 per gram for 24-karat gold, giving shoppers a lower entry point ahead of the Diwali festive season.
On Tuesday, October 20, the 24K rate stood at Dh497 per gram, down from Dh500.50 at the previous market close. The latest movement means 24K gold has lost Dh30.5 per gram over the past month, according to market data reported in Dubai.
Where: Dubai
When: October 20, 2026
Price: 24K gold at Dh497 per gram
Dubai gold prices fall below Dh500
The latest decline has brought Dubai’s 24K gold rate back below the Dh500 mark after prices moved above that level earlier in October.
Other commonly purchased gold categories also recorded lower rates. On October 20, 22K gold was priced at Dh460.25 per gram, while 21K stood at Dh441.25. The 18K rate was Dh378.25, and 14K gold was trading at Dh295 per gram.
Gold rates can change throughout the day as international bullion markets move, so shoppers should check the latest rate with retailers before making a purchase.
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Why gold prices are moving lower
The recent movement in Dubai follows changes in international gold markets, where investors are closely watching US interest rates, the dollar and Treasury yields.
Spot gold was trading at around $4,143.48 an ounce on Tuesday, after recording a relatively modest 0.07 per cent gain. Silver also moved higher during the session, although its recent weekly performance remained weaker than gold.
Financial analyst Vijay Valecha of Century Financial said gold had recorded a 0.70 per cent weekly decline, while silver fell 6.33 per cent over the same period.
Expectations surrounding the US Federal Reserve have also been influencing precious metals. Markets have been reassessing the possibility of further interest-rate increases, which can affect demand for gold because the metal does not generate interest.
Gold prices ahead of Diwali
The drop comes as Indian communities in the UAE prepare for the Diwali season, when gold purchases traditionally become an important part of festive shopping.
Lower rates can make the timing more attractive for shoppers planning to buy jewellery, coins or bars. However, the price shown for gold itself is not necessarily the final amount a jewellery customer will pay.
Making charges, the design of a piece and any retailer-specific offers can all affect the final bill.
24K, 22K and other Dubai gold rates
At the latest reported Dubai market rates on October 20, 24K remained the highest purity commonly quoted, at Dh497 per gram.
The corresponding rates were Dh460.25 for 22K, Dh441.25 for 21K, Dh378.25 for 18K and Dh295 for 14K.
For jewellery buyers, 22K is commonly used for gold jewellery, while 24K represents higher-purity gold and is more commonly associated with investment products such as bars and coins.
What Dubai shoppers should check before buying
The fall below Dh500 may encourage more festive purchases, but gold prices can remain volatile as global economic conditions change.
Anyone planning a purchase in Dubai should check the current per-gram rate, compare making charges between retailers, and ask about any available Diwali promotions before completing a transaction.
With the festive season approaching, the combination of lower bullion prices and seasonal jewellery offers could provide more options for shoppers, although the final value of any purchase will depend on the product and retailer.