Gold prices in Dubai have seen a rebound after a steep decline over the past 10 days. The price of gold had dropped by more than Dh21 per gram during the period. This reflected global market pressures and shifting investor sentiment as geopolitical factors continue to influence gold rates in Dubai.
According to data from the Dubai Jewellery Group, the 24K gold price is trading at Dh547.25 per gram, down Dh21.25 per gram over the past few days. The 24K gold was trading at Dh568.5 per gram on May 8. Spot gold inched up to $4,535.7 per ounce. Reportedly, on Monday morning, other gold variants were priced as follows:
22K gold at Dh506.75 per gram.
21K gold at Dh486.0 per gram.
18K gold at Dh416.5 per gram.
14K gold was trading at Dh325.0 per gram.
International buyers still seem to shape gold rates in Dubai. Shifts in the US dollar change interest rate expectations. When the dollar price rises, gold usually feels more expensive for people using other currencies, so overall demand can drop.
Even with the pullback, the retail scenario in Dubai’s gold markets has been fairly steady, which helps keep prices in place. Buyers are taking advantage of lower rates, especially for jewellery purchases. Seasonal demand and tourist activity are also contributing to price support in the local market.
Analysts expect gold prices to stay volatile in the short run. Price rates will continue to depend on global economy and global currency rates. Despite short-term stability, further price fluctuations can be expected as markets react to new data.
Also read: UAE Gold Jewellery Demand Crumbles 40% as Regional Conflict Reshapes Buying Behaviour