Dubai gold prices showed limited movement on July 31, with rates falling by only AED 2 per gram over the past month. The stability has provided some relief to buyers as global markets continue to watch geopolitical developments and economic signals.
The 24K gold rate opened at AED 491.75 per gram on July 31, compared with AED 495.50 at the July 30 market close. Other gold categories also recorded steady prices, with 22K trading at AED455.50 per gram, 21K at AED 436.75, 18K at AED 374.25 and 14K at AED 292.
International gold prices recorded a decline on July 31. Spot gold dropped 0.51% to $4,080 per ounce. Silver prices also slipped 0.29% to $58.64 per ounce. Market movements have been influenced by changing interest rate expectations, currency trends and investor responses to gold price fluctuations.
The World Gold Council’s Q2 report showed that global gold demand held firm despite softer prices. Over-the-counter investment stood at 1,269 tonnes during the quarter, unchanged from the previous year. The first half of 2026 recorded demand of 2,522 tonnes, marking a 2% rise compared with the same period last year. The value of gold demand reached a record $380 billion.
Louise Street, senior markets analyst at the World Gold Council, said investment is expected to remain an important factor for gold demand in the second half of 2026.
“OTC activity and demand from Asian investors are expected to play an increasingly prominent role, while Western gold ETF interest may be more closely linked to real yields, US monetary policy expectations and the dollar,” she added.
Central bank gold purchases increased strongly in the second quarter, reaching 289 tonnes after a weaker start to the year. Bar and coin investment stayed mostly steady during the period. Gold-backed exchange-traded fund holdings faced pressure as investors reacted to lower prices, higher interest rate expectations and a stronger US dollar.
Jewellery demand recorded its lowest quarterly level since the pandemic. High gold prices affected affordability, though consumers continued purchasing lighter-weight jewellery pieces, keeping the value of spending higher. Dubai’s gold market is expected to continue tracking international price movements as investors and consumers assess global economic conditions.
Also Read: Dubai Gold Price: 24K Gold Trades at AED 492.75 as Markets Watch US Rate Outlook