Key Price Moves Today

• International gold price fell to about $ 4,891 per ounce on 31 January 2026, down roughly 10 percent from around $ 5,437 per ounce the previous day.
• Spot gold prices per gram for 24K are around $ 157.27, with 22K at approximately $ 144.06, and 18K at nearly $117.95.​
• Silver dropped even further, trading near $ 85.25 per ounce today, a one-day plunge of about 25.5 percent from the previous close of nearly $114.43 per ounce.
• Silver’s intraday range was extremely wide, between 74 and 118.45 dollars per ounce, underlining the intense volatility in the white metal.​

Dubai Bullion Market Snapshot

Aside from global benchmarks, the sell-off was reflected in local pricing across bullion centers:

Gold (per gram in AED):

• 24K: AED 592.40
• 22K: AED 548.50
• 21K: AED 530.10
• 18K: AED 454.20

Silver (per gram in AED):

• Silver: AED 11.55

Dubai bullion prices followed the global trend, with local demand weakening as market volatility spiked.

Why Gold and Silver “clashed”

• The sharp fall in gold follows profit-taking after a steep multi-week rally that had pushed the metal up more than 70 percent compared with the same time last year, making it vulnerable to any shift in risk sentiment.​
• Silver, which had risen more than 170 percent year-on-year before today’s move, is seeing even more aggressive unwinding, as speculative positions are typically larger and more leveraged in the silver market.​
• Traders report that a combination of position squaring at month-end, a bounce in risk assets, and expectations of slower central-bank easing triggered synchronized selling across both gold and silver.

What it Means for Buyers & Investors

• For UAE jewellery buyers, today’s drop offers some relief at the counter, but the overall level of gold prices in Dubai is still high versus early 2025, so many shoppers may continue to buy in small, staggered amounts.
• For investors, the violent divergence – with both metals falling, but silver dropping much faster – may lead to renewed interest in the gold–silver ratio trade and fresh debates over whether the white metal has overshot on the downside.
• Market strategists caution that, after such a large one-day move, both gold and silver could remain volatile in the coming sessions as traders test new support levels and reassess central-bank and economic data signals.

Final Take

Global and Dubai markets saw precious metals pummeled today, as gold and silver prices experienced dramatic reversals amid broader financial repricing and policy shifts. This crash underscores how quickly bullion markets can adjust, even for assets traditionally viewed as safe havens — especially when gold forex and macro signals realign investors’ expectations.