Dubai’s gold market started the week on a strong note. Local gold prices stayed firm even though international gold prices went down a bit. Investors are keeping an eye on the Middle East. There is uncertainty about Iran and how it might affect energy markets. On Monday, 24K gold in Dubai cost Dh547.50 per gram. 22K gold cost Dh507 per gram.
The local gold prices did not change. This happened even though international gold prices went down a bit after reaching a two-week high. Market experts say gold prices are being pulled in different directions. The Middle East tensions are making people buy gold as an asset. High oil prices and a strong US dollar are stopping gold prices from going up.
Investors are watching to see if the Iran ceasefire agreement will be extended. They are not sure what will happen next. This is making the market unpredictable. People are also worried about inflation and energy supply problems.
For people in the UAE, stable gold prices might be a chance to buy. Many buyers have been waiting to buy jewellery because prices were high. This was especially true for wedding and investment jewellery. In India, gold prices also did not change. The market conditions are similar. Buyers are dealing with prices before festivals and weddings. Many are buying in bulk and waiting for prices to go down.
With short-term changes, experts think gold will do well in the long run. They think central banks will keep buying gold. The dollar might get weaker. There will be uncertainty in the world. All these things are expected to support gold prices until the end of 2026.
For now, gold is one of the watched assets. Investors are trying to balance worries about inflation, energy markets and global risks. The gold market is closely linked to all these factors. Dubai gold market is also affected by these factors. Gold prices in Dubai are stable for now.
