Gold prices in Dubai have dipped slightly after a sharp rally, giving buyers a brief window of relief as rates eased from recent highs. On Tuesday morning, 24-carat gold was trading at Dh623 per gram, down from Dh626.75 on Monday, while 22-carat gold slipped to Dh577 per gram from Dh580.25 the previous day.
Despite this modest decline, prices remain well above where they were at the start of the month, when 24-carat gold was below Dh590 per gram and even touched a low of around Dh564. Since then, prices have rebounded, crossing the Dh600 mark by mid-month and surging to nearly Dh627 before Tuesday’s pullback. The 22-carat segment followed a similar pattern, rising from the low Dh520 range to above Dh580 before easing.
Analysts point out that these short-term corrections are common during extended rallies. When gold prices climb quickly, some investors lock in profits, causing temporary dips—but the overall upward trend remains strong.
Globally, gold has weakened after four straight sessions of gains, sparked by heightened geopolitical tensions and worries over US trade policy. The metal surged more than 7% recently, with safe-haven demand rising as uncertainty between Washington and Tehran increased. Fresh tariff proposals from former US President Donald Trump have added to global market jitters, further boosting gold’s appeal as a hedge against volatility.
Major international banks remain bullish on gold’s long-term prospects, citing ongoing geopolitical risks, concerns about central bank independence, and a shift in investor preferences away from traditional assets.
For now, the drop in prices offers UAE shoppers a brief opportunity to secure better rates—before the next potential upswing.
