The Dubai Gold Price has started the week on a weak note. On Monday, 24K gold dropped by Dh10 per gram, and other categories also declined. This drop is bringing some relief to short-term buyers, as a per-gram drop directly reduces costs. However, experts suggest that the overall trend remains upward. In the long run, demand and global factors are expected to drive gold prices up once again.
The price of 24K gold fell to Aed546 per gram from Aed556, marking a notable single-day correction. Similarly, 22K gold declined to AED505.50 per gram from AED514.75. Such a fall, though temporary, has an immediate impact on retail demand, where even minor per-gram changes influence overall purchase decisions.
This correction follows a period in which gold traded at high levels over the past few days. Analysts see this as a pause and not a reversal of trends. “We believe that gold will be on a bull run through the month of May & June,” stated Vandana Bharti, Senior Research Analyst at SMC Global Securities Ltd.
Globally, gold continues to build a base, with support seen near $4,520–$4,600 per ounce and potential to test $4,800–$4,850 levels. On COMEX, prices are hovering around $4,400–$4,500. In India, gold trades at a premium rate, currently around Rs. 1,49,860 per 10 grams, reflecting currency weakness and sustained demand.
Currency movement continues to shape bullion trends. A softer dollar, supported by easing crude prices, strengthens gold’s appeal. Meanwhile, central bank buying remains a key long-term driver. Data from the Deutsche Bank Research Institute show that the dollar’s share of global reserves has dropped sharply, while gold holdings have risen significantly over the past four years.
According to market analysts, the macroeconomic conditions, central bank purchases, and seasonality would remain supportive of gold. This indicates that the metal's overall future prospects look good. In this regard, the emphasis would now be on the buyers, who would either buy gold at current levels or else wait until the expected correction in July.
Also Read: Dubai Gold Prices Today: 24K at AED 580.50; Buyers Await Global Cues