Gold prices in Dubai continued their sharp upward movement on August 21, with the 24-karat rate climbing to AED 547 per gram at the market open. The latest price increased to AED 60 from the start of August. Thus, taking it closer to the key AED 550-per-gram level.
The 24K rate rose AED 3 per gram on August 21, and has gained around AED 6 over the past 24 hours. The rally also lifted other major purity categories, keeping pressure on jewellery buyers across the UAE.
According to Dubai Jewellery Group data cited by Khaleej Times, “22K gold was priced at AED 506.50 per gram, while 21K gold stood at AED 485.75. The 18K rate increased to AED 416.25 per gram.”
The rise marks a significant turnaround for Dubai's gold market after prices experienced considerable volatility in June and July. The latest gains have been driven by renewed strength in international bullion markets.
International gold prices also moved higher on Friday. Reuters reported that spot gold climbed to $4,601.29 an ounce, its highest level since May 15, before easing slightly. The metal was on track for its third consecutive weekly gain.
Vijay Valecha, Chief Investment Officer, Century Financial, said, “Gold is completing a rounded-bottom recovery on the daily chart, having reclaimed the $4,461–$4,490 zone after basing in the $4,000–4,100 region through June and August.”
He added, “Immediate resistance sits at $4,525, and a break above this level would open the path toward $4,600-4,700 and the $4,773 zone further out. On the downside, support holds at $4,461-4,489, with deeper support near $4,400. As long as gold holds above this zone, the current pullback looks more like profit-taking within a broader bullish structure than the start of a reversal.”
With local prices closely reflecting international bullion movements, further gains in global gold could push Dubai's 24K rate towards and potentially beyond the Dh550-per-gram threshold.
Also Read: Gold Price in Dubai Crosses Dh540 as 24K Rises to Dh541 per Gram